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October 11, 2008 5:29:02 AM CDT

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UBS: No More Swiss Cheese for US Clients

Posted Jul 17, 08 3:08 PM CDT in Business 

(Newser) – A UBS executive told a Senate probe today the bank will no longer host accounts for US clients, the Wall Street Journal reports. The Swiss bank is under investigation by the IRS for marketing tax-evasion strategies involving its offshore accounts to wealthy Americans. The Senate panel estimates that the US loses about $100 billion annually due to offshore tax evasion.

"UBS will no longer provide offshore banking or securities services to US residents through our bank branches," Mark Branson said. "I am here to make absolutely clear that UBS genuinely regrets any compliance failures that may have occurred."

Source Wall Street Journal

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Swiss banking giant UBS is accused of helping wealthy Americans evade their taxes; it said today it will no longer offer offshore banking to US clients.   (AP Photo)
Mark Branson, chief financial officer for USB Global Wealth Management, is sworn in prior to testifying before the Senate hearing today on tax-haven banks and compliance with federal tax laws.   (AP Photo)
"I am here to make absolutely clear that UBS genuinely regrets any compliance failures that may have occurred," Mark Branson, an executive for the Swiss bank, said of allegations it helped tax cheats.   (AP Photo)
Swiss UBS Banker Martin Liechti is sworn in on Capitol Hill in Washington, Thursday, July 17, 2008, prior to testifying before the Senate Homeland Security and Governmental Affairs subcommittee hearing...   (AP Photo/Susan Walsh)
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Senate  • taxes  • UBS  • IRS  • tax evasion  • Swiss bank  • savings account


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