UBS and the Department of Justice have reached a settlement on the 52,000 UBS clients suspected of tax evasion via the Swiss banking giant. The deal is expected to be completed today with the actual legal case dismissed by both sides formally next week, according to Stuart Gibson, the DoJ lawyer trying the case. According to the New York Times, DoJ prosecutors are focusing on several thousand clients who have tens to hundreds of millions of dollars in offshore accounts. UBS agreed to pay $780 million dollars for assisting clients evade taxes on nearly $20 billion of assets. UBS has resisted disclosure, claiming such action would violate Swiss banking laws. The Swiss government has stated its intentions to block UBS from turning over the names if ordered, and the Justice Department has consider indicting the bank if it refused a judge’s order.
UBS and DoJ Reach Settlement on Tax Evasion
UBS and DoJ agreed to a deal on disclosing tax evaders and dismiss the legal case.
August 12, 2009