Wednesday, August 05, 2009
The New York Times
The New York Times
UBS Is Said to Escape Fine but Will Provide 5,000 Names
UBS will not have to pay a fine as part of the settlement of a tax evasion dispute with the United States, two Swiss newspapers reported Sunday.
The United States government and UBS struck a deal to settle a dispute over tax evasion and Switzerland’s bank secrecy on Friday, heading off a showdown that had threatened to sour relations between the two countries.
The main sticking point was that American authorities wanted UBS to disclose the names of 52,000 wealthy American clients suspected of using the bank to evade taxes — a demand that tested Switzerland’s vaunted tradition of bank secrecy.
UBS will release the names of 5,000 wealthy U.S. clients suspected of tax evasion. 47,000 wealthy tax evaders will get off without penalty.
Posted by Editor on 08/05/09 at 07:07 AM •
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