US Settles Tax Evasion Suit With UBS, Swiss

(NEWSER) - Aiming to avoid an ugly international dispute, the US government, Switzerland, and a Swiss bank are seeking to delay a hearing over private bank accounts, the Wall Street Journal reports. The respite would give government officials and UBS until August to strike a deal over data on some 52,000 alleged US tax evaders. The Justice Department and IRS want it; UBS and Switzerland say handing it over would violate Swiss law. More»

Raoul Weil has headed wealth management division since 2002

(NEWSER) - The US Department of Justice indicted UBS’ head of global wealth management for enabling the Swiss bank’s American clients to avoid taxes, the Financial Times reports. Although authorities are only specifically pursuing Raoul Weil at this time, they hold that several senior UBS executives are “unindicted co-conspirators.” More»

Nation's tradition of bank secrecy imperiled by UBS investigation

(NEWSER) - Swiss authorities are cooperating with an American investigation into a tax fraud scandal, dealing a major blow to the nation's tradition of banking secrecy. Swiss bank UBS is alleged to have helped up to 20,000 American clients evade taxes by stashing their fortunes—collectively worth $20 billion—in undeclared accounts. Now, after initial resistance, Switzerland has agreed to hand over confidential data to the Justice Department, reports the New York Times. More»

'Active neutrality' policy questioned after Polanski, UBS decisions

(NEWSER) - Some Swiss politicians are griping that the country's prized neutrality appears to be sliding as the government adopts a more accommodating stance toward US authorities. The government agreed in August to turn over the names of thousands of suspected American tax dodgers banking with UBS, and Roman Polanski was busted in Geneva last month on a 31-year-old extradition warrant, leading an opposition politician to accuse the government of "taking orders from foreign bosses." More»

(NEWSER) - UBS will hand over the names of 4,450 of its American account holders as part of a tax evasion settlement, the Wall Street Journal reports, and another 5,000 names will be produced under a special IRS amnesty program. UBS won’t pay a monetary fine. Those being turned over may have a chance to fight the disclosure in Swiss court. The compromise gets around potential Swiss objections to the disclosures. More»