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October 12, 2008 10:54:51 PM CDT

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Stories related to: Swiss bank

Stories

5 Stories

  • October 2008

    • Fraud Case Breaches Venerable Swiss Secrecy

      New York Times  |  Oct 1, 08 10:50 AM CDT

      Fraud Case Breaches Venerable Swiss Secrecy

      (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 »

      Tags

      Department of Justice  • Switzerland  • UBS  • tax evasion  • tax fraud  • Swiss bank  • bank scandal

  • July 2008

    • UBS: No More Swiss Cheese for US Clients

      Wall Street Journal  |  Jul 17, 08 3:08 PM CDT

      UBS: No More Swiss Cheese for US Clients

      (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. More »

      Tags

      Senate  • taxes  • UBS  • IRS  • tax evasion  • Swiss bank  • savings account

    • Judge Orders UBS to Cough Up Clients' Names

      New York Times  |  Jul 1, 08 5:20 PM CDT

      Judge Orders UBS to Cough Up Clients' Names

      (Newser) - UBS must share the names of account holders with prosecutors investigating tax-evasion allegations against the Swiss bank's clients, a federal judge ruled this afternoon. Whether the bank would comply or appeal wasn't known, but UBS said in a statement it "looks forward to working with the IRS to address the summons," the New York Times reports. More »

      Tags

      UBS  • IRS  • Swiss bank

    • Feds Battle UBS to Give Up Tax Dodgers

      New York Times  |  Jul 1, 08 2:43 AM CDT

      Feds Battle UBS to Give Up Tax Dodgers

      (Newser) - The Justice Department is pressing UBS for the names of suspected tax dodgers with secret bank accounts in Switzerland, the New York Times reports. Federal authorities believe the Swiss bank may have helped up to 20,000 Americans stash $20 billion in offshore accounts, evading hundreds of millions in taxes. The investigation threatens to rock the Swiss banking system, which has tightly guarded its secrets since the Middle Ages. More »

      Tags

      banking  • UBS  • tax evasion  • Internal Revenue Service  • tax fraud  • Swiss bank

  • June 2008

    • UBS Case May Reveal Secrets of the Rich

      New York Times  |  Jun 6, 08 7:40 AM CDT

      UBS Case May Reveal Secrets of the Rich

      (Newser) - The Swiss bank UBS built itself into a financial powerhouse on the strength of its private wealth management division, in which discreet bankers tended to the fortunes of the world's elite. But a major American tax evasion probe may lead UBS to do what was once unthinkable: divulge its secrets. The bank might release the names of up to 20,000 clients to the feds, and the rich are running scared, the New York Times reports. More »

      Tags

      banking  • UBS  • IRS  • tax evasion  • secrecy  • Swiss bank

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