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| Swiss Banking Secrecy Ends Posted by Michael E. Marotta on 2/19, 5:02am | ||
| UBS agreed to turn over the records of people suspected of U.S. tax evasion. UBS also agreed to pay a $780 million "fine" to the US government to avoid prosecution. UBS signals the end of the secret Swiss bank account By Lynnley Browning Published: February 19, 2009 In the hush-hush world of Swiss banking, the unthinkable is happening: Secrets are spilling into the open. UBS, the largest Swiss bank, agreed Wednesday to divulge the names of well-heeled Americans whom the authorities suspect of using offshore accounts at the bank to evade taxes. The bank admitted having conspired to defraud the U.S. Internal Revenue Service and agreed to pay $780 million to settle a sweeping federal investigation into its activities. http://www.iht.com/articles/2009/02/19/business/ubs.php UBS Agrees to Pay $780M, Turn Over Swiss Banking Records UBS will pay $780 million in fines, penalties, interest and restitution for conspiring to create sham accounts to hide the assets of U.S. clients from the U.S. government. AP Wednesday, February 18, 2009 WASHINGTON -- Banking giant UBS has agreed to pay $780 million and turn over once-secret Swiss banking records to settle allegations it conspired to defraud the U.S. government of taxes owed by big clients. As part of the deal struck in federal court in Fort Lauderdale, Fla., UBS has made the unprecedented step of agreeing to immediately turn over to the U.S. government account information for U.S. customers of the bank's cross-border business. http://www.foxnews.com/politics/2009/02/18/ubs-agrees-pay-m-turn-swiss-banking-records/ [Lest you think that words have meaning, here's a dose of oxymoron.] Bank secrecy maintained despite UBS deal: Swiss FinMin Thu Feb 19, 2009 6:20am EST BERNE (Reuters) - Swiss Finance Minister Hans-Rudolf Merz said on Thursday Switzerland's treasured banking secrecy remained in place despite a landmark UBS tax settlement that involved it handing over to Washington some client data. Merz said, however, that Swiss bank secrecy was not there to protect tax fraud. "It is evident there has been tax fraud (at UBS)," Merz said at a press conference with the foreign press. http://www.reuters.com/article/ousiv/idUSTRE51I2C020090219?virtualBrandChannel=10452 [The gun to their head. Also, the London Times (below) called this "kill the competition."] U.S. raises stakes in showdown with UBS over Swiss bank secrecy By Lynnley Browning Published: January 27, 2009 Raising the stakes in a showdown over Swiss banking secrecy, U.S. prosecutors have given UBS "several weeks" to hand over scores of American client names or ultimately face potential indictment over its offshore banking services, a person briefed on the matter said Monday. While no indictment is imminent, this person said, any refusal to turn over the names would lead prosecutors to ask a U.S. judge to order UBS, the world's largest private bank, to comply with a prior summons demanding the names of American clients using hidden offshore accounts http://www.iht.com/articles/2009/01/26/business/ubs.4-416390.php [Note -- this has been developing for some time] From The Times July 18, 2008 UBS closes Swiss accounts of US clients Tom Bawden in New York UBS caved in to mounting pressure from the US Government yesterday and announced plans to close the Swiss bank accounts of all its American customers and prepared to lift the veil of secrecy that has protected its clients for centuries. Mark Branson, the chief financial officer of UBS's global wealth-management unit, told a Senate hearing into tax evasion in Washington: “We have decided entirely to exit the business. UBS will no longer provide offshore banking or securities services to US residents through our bank branches.” Mr Branson said: “While we are winding down this business there will be no new accounts opened and Swiss-based client advisers will not be permitted to travel to the United States for the purpose of meeting with US clients.” http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article4354321.ece | ||
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