Update 20 Feb
Federal authorities have filed a lawsuit against Swiss-based bank UBS, seeking the identities of up to 52,000 U.S. customers.
The suit filed in Miami Thursday seeks to force the firm to turn over information on customers who hid their accounts from the U.S. government in violation of tax laws.
According to U.S. officials, an acquisition in 2000 of a U.S. company brought UBS a host of new American clients. The bank then set about evading new reporting requirements for those clients. To do so, UBS executives helped U.S. taxpayers open accounts in the names of sham entities.
Source: USA TODAY
Cracking Switzerland’s historic reputation for banking secrecy, UBS agreed Wednesday to a $780 million settlement of federal charges it helped about 19,000 wealthy American clients evade U.S. taxes and said it would disclose the identities of some of those customers.
Many of those clients are suspected of filing false federal tax returns that omitted income held in the Swiss bank. That income represents part of what a 2008 Senate hearing identified as a nearly $100 billion illegal offshore banking industry.
The deal doesn’t specify how many of the estimated 19,000 American clients would be identified to U.S. investigators. But the deal states the IRS will continue to seek enforcement of so-called John Doe subpoenas demanding information about those customers.
While UBS is authorized to continue appeals of the subpoenas, the deal requires the bank to comply once legal challenges are exhausted. Read More
I have a question, why would they disclose the identities of some of those customers and not all the crooks? I also bet we the people will never see the list of names that has been filing false federal tax returns. Wonder how many of the politicians in Washington are on that list.