ubs-pays-780-million-to-settle-taxevasion-charge

UBS pays $780 million to settle tax-evasion charge

UBS agrees to pay $780 million in fines and will identify clients in a settlement with US federal authorities following allegations that the bank helped thousands of Americans to evade taxes.

The US government's effort to catch every tax dodger out there -- from potential cabinet appointments in the Obama White House to high earners who thought they were avoiding taxes through loopholes -- may end up pushing some foreign private bankers off its shores.

On Wednesday, Switzerland's largest bank, UBS, agreed to pay $780 million in fines, identify certain US clients and put an end to tax shelters in a settlement with federal authorities over accusations that the bank helped nearly 17,000 Americans evade taxes. The clients had combined assets of $20 billion, according to the department of justice DOJ.

Presumably the American clients -- the DOJ did not say how...

¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222