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FRIDAY, NOVEMBER 27, 2009
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Swiss Bank Will Give Names of US Tax Dodgers

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(Newser) – Switzerland's biggest bank admitted today that it helped wealthy US customers evade their taxes, the Wall Street Journal reports. UBS set up shell companies and fake trusts for customers so they could hide their accounts from the IRS. The company will pay $780 million in fines and turn over the names of as many as 250 American clients—a move that breaks with the usual traditions of bank secrecy.

The settlement will end criminal charges regarding UBS' offshore banking services, but a civil case brought by US tax officials is still on the books. Prosecutors in that case say the bank may be forced to turn over the names of at least 20,000 clients thought to be using UBS tools to skirt the IRS.

The logo of Swiss bank UBS is seen during the World Economic Forum in Davos, Switzerland.
The logo of Swiss bank UBS is seen during the World Economic Forum in Davos, Switzerland.   (AP Photo/Keystone, Alessandro Della Bella, File)
The logo of Swiss bank UBS is seen in Zurich, Switzerland.
The logo of Swiss bank UBS is seen in Zurich, Switzerland.   (AP Photo/Keystone, Alessandro Della Bella, File)
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10 comments
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scottaco
Feb 18, 09 7:46 PM CST
I don't see where the unconstitutional IRS has any right to pursue this. Who are the fines being paid too? Who hasn't wanted a 'Swiss bank account" for this very reason? Reply
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SPH
Feb 18, 09 8:13 PM CST
I'm sure you are really a good American citizen....
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Collusive
Feb 19, 09 6:15 AM CST
uh because this is about the richest people in the U.S. evading their taxes while everyone else has to pay them. i wish mccain were here, he would bless them with tax cuts...
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tyuicc
Feb 18, 09 9:39 PM CST
This comment has been removed by Newser’s community. You must be logged in to view this comment. Reply
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Shannonals
Feb 18, 09 10:02 PM CST
Oh yeah, get those tax evaders!!! Reply
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