Swiss bank UBS will relay details of American account-holders to the US Government in a bid to quash allegations of aiding tax avoidance, according to The Times.
As part of the deal struck between UBS, the Department of Justice (DoJ) and the Securities and Exchange Commission (SEC) in a Florida federal court, it will pass the names and account information of select American customers of its cross-border business to the US authorities. In addition, the bank will pay $780m in penalties, fines, interest and restitution, according to the paper. UBS has previously admitted around 19,000 Americans with offshore accounts with its Zurich, Geneva and Lugano offices had colluded with bank staff to hide assets from the government. Considered tax fraud by...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes