Search

The article reports that a settlement between the U.S. Internal Revenue Service (IRS) and the Swiss government will result in UBS AG releasing to the IRS the names of U.S. citizens who hold over 4400 secret bank accounts at UBS. The IRS suspects tax evasion among these account holders, and indicated criminal prosecutions could begin within months.

The article reports that several U.S. citizens participating in a tax-evasion amnesty program offered by the Internal Revenue Service have identified ten Swiss and European banks where they held accounts. Credit Suisse Group AG and Julius Baer Holding AG were among the firms named. The development does not necessarily imply wrongdoing by these banks.

The article focuses on the crackdown on UBS AG clients who possibly are concealing income or the existence of foreign bank accounts from the U.S. government. It states UBS client John McCarthy agreed to plead guilty to a count of failure to file an annual report to the U.S. Treasury Department and that documents reveal the tax scheme channeled funds to a Swiss UBS account held by a Hong Kong entity. It mentions the Hong Kong link is used by the Internal Revenue Service as a clue of wrongdoing.

The article reports that UBS AG and the U.S. and Swiss governments have reached settlement of an investigation involving allegations by the U.S. Internal Revenue Service (IRS) that UBS was helping U.S. account holders evade taxes. Terms of the deal allow UBS clients to appeal to a Swiss tribunal before their information is released to the U.S. government.

The article reports that the U.S. Internal Revenue Service (IRS) has seen a sharp rise in applications to enter a voluntary disclosure program that ends in September, 2009. Participants who admit to tax evasion may face civil charges rather than more serious criminal ones. IRS efforts to obtain information on private accounts at Swiss bank UBS AG are seen as a motivating factor.

The article discusses efforts by the U.S. Internal Revenue Service (IRS) to obtain information from Swiss bank UBS AG on U.S. clients who may be involved in tax evasion. IRS investigators John McDougal and Daniel Reeves have played key roles in the case. In February, 2009, their work helped produce a $780 million settlement by UBS that also included disclosure of the names of over 200 account holders.

The article reports that the U.S. and Swiss governments, along with UBS AG are in negotiations to settle a case involving alleged tax evasion that could result in UBS disclosing the names of some of its U.S. account holders. The U.S. Justice Department is seeking to obtain access to over 50,000 accounts, although compromise could result in disclosure of some lesser number.

The article reports that the U.S. Department of Justice filed suit against the Swiss bank UBS AG to obtain access to the records of 52,000 accounts held by U.S. customers. The suit came one day after UBS agreed to turn over information of 250 accounts as part of a settlement of a criminal complaint the bank had aided tax evasion by its U.S. clients.

The article reports that the Swiss bank UBS AG has agreed to turn over the names of some 250 account holders to U.S. prosecutors as part of a $780 million settlement of a case charging the bank with aiding tax evasion by depositors. This is the first time Swiss regulators have allowed a bank to reveal account holders' identities, which have been kept secret though centuries of tradition.

The article reports that in the aftermath of an indictment of a former UBS AG private banker on charges of assisting clients with tax evasion, several affluent UBS customers have sought amnesty through a program offered by the U.S. Internal Revenue Service. Under the program participants can avoid prosecution if they admit wrongdoing and pay all taxes and penalties due.

The article reports that U.S. prosecutors have charged UBS AG banker Raoul Weil with helping affluent clients evade federal taxes. The Justice Department alleges that Weil organized a group of private bankers who worked to shield approximately $20 billion in assets from taxation. An ongoing global financial crisis helped dissuade U.S. authorities from indicting UBS AG itself.

The article reports that the U.S. Department of Justice has gained the cooperation of former UBS AG banker Bradley Birkenfeld in its investigation of tax evasion by wealthy Americans. UBS is alleged to have been involved with shielding assets from the U.S. Internal Revenue Service through connections in Liechtenstein.

The article reports that Bradley Birkenfeld, a former employee of UBS AG, and financial adviser Mario Staggl, have been indicted by the U.S. Justice Department on charges they aided clients in tax-evasion schemes. The two men offered financial services to the extremely wealthy. The case is expected to lead to more indictments, and will damage private banking services, a core business of UBS.

The article reports that the parliament in Switzerland has approved a law that will make it possible for the Swiss government to legally provide the U.S. government with information on alleged U.S. tax evaders with Swiss bank accounts.

The article reports on the guilty plea made by Juergen Homann to allegations of concealing money from tax authorities with the use of offshore accounts and companies. Homann stands as the fifth UBS AG client to admit guilt to such charges. Homann, who pleaded guilty of concealing over 5 million U.S. dollars in accounts, is at risk of serving a maximum of five years in prison. It adds that Homann was ordered to pay a fine of 250,000 dollars and a civil penalty of about 3 million dollars.

The article reports on the guilty plea entered into by businessman Jeffrey P. Chernick on July 28, 2009 to allegation of filing a false tax return and his admission about his hidden Swiss bank accounts which total over 8 million U.S. dollars. It states the intention of the Internal Revenue Service (IRS) to gain access to accounts held at UBS while conducting probe on possible tax evasion by clients. Court documents revealed that Chernick established his firm in Hong Kong, China and opened foreign bank accounts to hide his commissions from the IRS.

The article reports on the protection of UBS AG employees from the U.S. request of information on the identities of its 52,000 account holders as part of the tax-evasion inquiry of the Internal Revenue Service (IRS) under the Swiss law. UBS said that the U.S. ignores the Swiss law and its sovereignty in response to lawsuit it filed against the bank. It added that the request of IRS would require rewriting of tax treaties between the two countries. U.S. authorities noted that U.S. taxpayers used secretive Swiss bank accounts to evade U.S. taxes.

The article focuses on UBS AG, which is facing U.S. investigations into allegations that it helped its American clients evade taxes. In an effort to improve its reputation, UBS AG disclosed some Swiss-based private bankers will stop offering American clients Swiss bank accounts and other services. Those clients will be asked to use U.S.-based accounts or UBS's international units such as Swiss Financial Advisors, based in Zurich, or Wealth Management International, based in Hong Kong which are registered with the U.S. Securities and Exchange Commission.

The article discusses the U.S. government's investigation into whether UBS AG helped U.S. citizens avoid paying taxes. UBS reportedly is considering a settlement that could involve an admission of wrongdoing and a fine in excess of $1 billion. UBS chief executive Peter Kurer has asserted that settling the probe is a top priority.

The article discusses efforts by the U.S. Justice Department to obtain from Swiss bank UBS AG information about U.S. citizens who are suspected of using the bank to evade taxes. Justice has sought a federal court order in the matter, even though Swiss laws prevent the disclosure of such information without customer approval.

The article reports on the investigation being conducted by U.S. prosecutors in 2008 on whether UBS is involved in tax-evasion activities that may have been done through Liechtenstein. Dirk Becker, analyst at Landsbanki Kepler, said that the probe could affect the bank's weath management and trust. U.S. securities regulators are also investigating whether the bank took the proper measures to register as a broker or investment advisor in the country.