Friday, July 31, 2009
David S. Hilzenrath, Washington Post,
David S. Hilzenrath, Washington Post,
Tentative Settlement Reached in Swiss Bank Tax Evasion Case
The U.S. and Swiss governments have tentatively settled a dispute in which the U.S. government was seeking information about thousands of American depositors suspected of using accounts at Switzerland's largest bank to hide money from the Internal Revenue Service.
UBS, Switzerland's largest bank, admitted in February that it schemed to defraud the U.S. government by helping Americans hide money from the Internal Revenue Service in Swiss accounts. Under an agreement that allowed UBS to avoid a potentially crippling indictment on criminal charges, the bank agreed to pay the U.S. government $780 million over a period of years.
Switzerland also turned over the names of between 200 and 300 UBS clients suspected of committing tax fraud.
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Posted by Editor on 07/31/09 at 10:26 AM •
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