The largest bank in Switzerland, agreed on 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 conspiring to defraud the Internal Revenue Service and agreed to pay $780 million to settle a sweeping federal investigation into its activities. Federal prosecutors have been examining about 19,000 accounts at the bank, but UBS ultimately may disclose the identities of only a few hundred customers. But to some, turning over any names at all heralds the end of the secret Swiss bank account, whose traditions date to the Middle Ages.
‘‘The Swiss are saying this is the end of Swiss banking as they knew it,’’ said Jack Blum, an offshore tax specialist. ‘‘Nobody will trust the security of the Swiss bank account.’’ NYT NEWS SERVICE SECRET’S OUT Swiss bank helped US clients hide $20 billion
The settlement caps a painful run for UBS, which suffered more than $50 billion in losses in the collapse of the American mortgage market and received a $60 billion bailout from the Swiss government last October.
Indian Govt should approach swiss bank for such action as one report say that Highest depositor in Swiss bank are Indian so all politicians black money come out and help indian economy.
‘‘The Swiss are saying this is the end of Swiss banking as they knew it,’’ said Jack Blum, an offshore tax specialist. ‘‘Nobody will trust the security of the Swiss bank account.’’ NYT NEWS SERVICE SECRET’S OUT Swiss bank helped US clients hide $20 billion
The settlement caps a painful run for UBS, which suffered more than $50 billion in losses in the collapse of the American mortgage market and received a $60 billion bailout from the Swiss government last October.
Indian Govt should approach swiss bank for such action as one report say that Highest depositor in Swiss bank are Indian so all politicians black money come out and help indian economy.
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