US tightens grip on UBS |
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| Wednesday, 25 March 2009 09:32 | |||
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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. Add this page to your favorite Social Bookmarking websites          
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