US tightens grip on UBS |
| News - Latest | |||
| Wednesday, 25 March 2009 09:32 | |||
|
US authorities have widened their enquiry into offshore tax fraud at Swiss bank UBS to include lawyers and accountants who worked with the bank. The investigation concerns individuals in Geneva and Zurich, particularly three Swiss citizens who prosecutors say may have worked with UBS bankers to assist wealthy Americans establish offshore entities, thereby avoiding American taxes. The American prosecutors may also target American law and accounting firms that were linked to UBS. During February the bank paid $780 million in an attempt to settle government charges that it had helped rich Americans avoid taxes. UBS is under pressure to reveal the names of 19,000 clients. The US Internal Revenue Service is demanding the names of a further 33,000 people. The New York Times has revealed the three Swiss citizens under suspicion may have travelled with Swiss UBS bankers to America. They may subsequently have worked with US citizens. Baker & McKenzie, a major US law firm that engaged in work with UBS in recent times, is not thought to be under investigation.
|
AXA Wealth International, the offshore investment arm of AXA Wealth, has launched the new Legacy Planning Bond…
Today sees the transformation of Kent Reliance Building Society into OneSavings Bank Plc, a bank run on…
Insurance, pensions and investments specialist NFU Mutual has appointed Paul Glover as Chief Investment Manager (CIM) with…
The fine wine market started 2011 with a strong monthly performance with positive returns in January while…
Sentiment towards global commercial real estate continues to improve with Latin America and Asia leading the way…
Investment in venture capital fell 48% in 2009, down from £1.30 billion in 2008 to £666 million…
A large number of people in the UK who lost money to a scam in 2010 were…
The proven long term performance of UK residential property and a 6% rise in average rents in…
Global cross border investment increased by 60% year on year and accounted for 40% (US$130 billion) of…
Two leading UK banks are to increase the amount available for renewable energy investments as demand grows…
The amount saved or invested each year by households in the UK with an income over £100,000…
Investors are right to be wary as a result of the current political turmoil in Egypt with…
RSS Feed