UBS to pay $780 million in tax case (1) February 19, 2009
Posted by dhirendra08 in Accunts Suvival, Biggest Settlement, Dealing, Prosecution Agreement, Resolve Criminal Fraud.Tags: Account Secrecy, Accounting Firm, Agreement, Client, Co-conspirators, Cross-boarder Client, Fraud, Officials, Prosecution, Settlement, Swiss Banking, Tax Evaders, Taxpayer
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Good Morning Friends. There is this agreement which believes by the officials as one of the biggest settlements ever. It hides a $456 million pact in 2005 with accounting firm. It was admitted that US taxpayers hide accounts from the IRS.
Swiss banking giant UBS AG has agreed to pay $780 million and identify certain US clients in a deal to resolve criminal fraud charges that it assisted rich Americans to evade taxes. The settlement cracks Switzerland’s trademark bank account secrecy and could expose some UBS customers to Internal Revenue Service scrutiny and law enforcement action.
Officials said Switzerland’s largest bank had entered what is known as a deferred prosecution agreement on charges of conspiring to defraud the United States by impeding the IRS, the US tax collection agency.
About 17,000 of 20,000 US cross-border clients concealed their identities and the survival of their accounts, with $20 billion in assets, from the IRS. Some of these clients are unindicted co-conspirators. The Swiss newspaper said that the data would involve about 250 clients.
Reference: indianexpress
