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SUNDAY, NOVEMBER 22, 2009
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NEWS ABOUT: Swiss bank

Swiss bank stories: 16 news summaries

(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... More »

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Switzerland • UBS • tax evasion • settlement • tax haven • Swiss bank

(Newser) - The IRS and Justice Department crackdown on UBS is widening, reports the Wall Street Journal, as new documents reveal the efforts the bank took to keep its clients' wealth away from the taxman. Two recent cases have relied on channeling millions to a Swiss account owned by a Hong Kong-based... More »

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IRS • Hong Kong • UBS • tax evasion • corporations • tax fraud • Swiss bank • bank secrecy

Tax Cheats Flood IRS,
Looking to Come Clean

Inquiry into Swiss banks leads hundreds of evaders to come clean

Jul 30, 09 9:07 AM CDT
(Newser) - A crackdown on tax evasion has led to a flood of wealthy Americans lining up to reveal their offshore accounts to the IRS, reports the Wall Street Journal. A limited-time offer of lower fines, coupled with the ongoing probe of Swiss bank accounts held by UBS, has produced a stampede... More »

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IRS • UBS • tax evasion • clemency • Internal Revenue Service • Swiss bank • bank secrecy

UBS Refuses to Hand Over Names of US Tax Cheats

Bank charges IRS is trying to trample on Swiss laws

May 1, 09 3:18 AM CDT
(Newser) - Swiss bank UBS has rejected a demand from the IRS that it cough up the names of 52,000 suspected American tax evaders, the Times of London reports. The bank—which paid out $780 million to avoid prosecution for helping rich Americans dodge their taxes—said the lawsuit by the... More »

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IRS • Switzerland • UBS • tax evasion • Internal Revenue Service • Swiss bank • offshoring

UBS Bans Its
Execs From Foreign Travel

Swiss bank facing US inquiry into tax dodge grounds managers

Apr 7, 09 6:56 AM CDT
(Newser) - UBS has banned managers who deal with foreign clients from traveling abroad, the Daily Telegraph reports. The Swiss bank, which has refused to give US investigators the names of 50,000 suspected tax dodgers, denied that the ban is to protect senior staff from American authorities. Analysts, however, see the... More »

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IRS • UBS • tax fraud • tax haven • Swiss bank

Bailed-Out
UBS Rewards Bankers With Pay Hike

Swiss bank to boost salaries up to 200%

Mar 2, 09 4:35 AM CST
(Newser) - UBS has been one of the most stricken banks of the last two years, receiving government aid and slashing bonuses. But now the Swiss giant is doing something few would expect in this market: offering pay raises. Senior bankers who complete a performance review will see their salaries spike... More »

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UBS • bank • salary • bonuses • Swiss bank

US Demands UBS Cough Up 50K Tax Cheat Clients

Swiss bank stunned by
number in court filing

Feb 20, 09 4:19 AM CST
(Newser) - The Justice Department has stunned UBS with a demand for the names of 52,000 clients believed to be American tax dodgers, reports the Wall Street Journal. The Swiss bank had expected to be asked for 20,000 names, but a court filing yesterday stated that an IRS investigator had... More »

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IRS • Switzerland • UBS • tax evasion • Internal Revenue Service • Swiss bank • offshoring

 UBS Shocks With 
 Record $17B Loss 

Swiss banking giant posts worst loss in nation's history

Feb 10, 09 6:38 AM CST
(Newser) - UBS today announced an annual loss of $17 billion—the biggest ever by a Swiss company—despite a government bailout and a surprise tax benefit in the fourth quarter. The loss was higher than expected, but the once-mighty corporation reiterated that it would not sell off its investment banking arm,... More »

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Switzerland • UBS • earnings reports • losses • investment banks • Swiss bank • financial crisis


 UBS Closes 19,000 US 
 Accounts in IRS Probe 

Swiss banking secrecy collapses as investors face tax evasion charges

Jan 9, 09 6:51 AM CST
(Newser) - Under pressure from the IRS, Swiss banking giant UBS is closing the offshore accounts of about 19,000 Americans suspected of evading taxes. UBS will transfer the clients' assets to other banks, other divisions of UBS, or the account holders themselves—creating a paper trail that the feds can examine.... More »

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IRS • Switzerland • UBS • tax evasion • money laundering • Swiss bank • bank secrecy

As US Cracks Swiss Secrets, UBS Clients Cop to IRS

Tax evaders taking agency's amnesty deal rather than risk being caught

Nov 24, 08 10:57 AM CST
(Newser) - The IRS is getting an unexpected boon from a Justice Department probe of Swiss bank UBS: Some of its wealthy US clients are owning up to offshore accounts to take advantage of the agency’s amnesty offer, the Wall Street Journal reports—a blow to the secrecy that has made... More »

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taxes • UBS • Internal Revenue Service • Swiss bank • offshoring

Feds Indict UBS Exec on
Tax Evasion Charges

Raoul Weil has headed wealth management division since 2002

Nov 13, 08 2:30 PM CST
(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 »

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Department of Justice • Switzerland • UBS • tax evasion • Swiss bank • banks

Fraud Case Breaches Venerable Swiss Secrecy

Nation's tradition of bank secrecy imperiled by UBS investigation

Oct 1, 08 10:50 AM CDT
(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... More »

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

UBS: No More Swiss Cheese for US Clients

Bank under scrutiny for aiding tax evasion apologizes, shuts door

Jul 17, 08 3:08 PM CDT
(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... More »

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

UPDATED

Judge Orders UBS to Cough Up Clients' Names

Ruling a blow to Swiss bank, anonymous customers

Jul 1, 08 5:20 PM CDT
(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... More »

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IRS • UBS • Swiss bank

Feds Battle
UBS to Give Up Tax Dodgers

Swiss bank pressed
for names of US customers

Jul 1, 08 2:43 AM CDT
(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.... More »

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

UBS Case May Reveal Secrets of the Rich

Swiss bank considers divulging names
of 20,000 US clients

Jun 6, 08 7:40 AM CDT
(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.... More »

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

16 Stories


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