UBS to identify customers, pay $780 million

At a time when the deficit is exploding we need everyone who owes taxes to pay them.  Hiding money in a Swiss Bank account has long been a tax avoiding scheme for the very rich while working class Americans pay their taxes.  It’s about time this practice was brought to light and the perpetrators prosecuted.  I hope that once the names are released by UBS the media will release those names and the holders of the accounts are prosecuted for tax evasion.

By James Vicini

WASHINGTON, Feb 18 (Reuters) – Swiss banking giant UBS AG (UBSN.VX) (UBS.N) agreed to pay $780 million and identify certain U.S. customers in a deal to resolve criminal fraud charges that it assisted rich American clients evade taxes, the Justice Department said on Wednesday.

It said that Switzerland’s largest bank has entered into what is known as a deferred prosecution agreement on charges of conspiring to defraud the United States by impeding the U.S. tax collection agency, the Internal Revenue Service.

[snip]

UBS acknowledged that it helped U.S. taxpayers open accounts that concealed their identities from the IRS, the department said.

It said about 17,000 of 20,000 U.S. cross-border clients concealed their identities and the existence of their accounts, with $20 billion in assets, from the IRS.

Some of these clients are unindicted co-conspirators.

In an unprecedented move, UBS, under orders from Swiss market regulators, agreed to immediately provide the U.S. government with the identities of, and account information for, certain United States customers, the department said.

REST OF ARTICLE

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One Response to UBS to identify customers, pay $780 million

  1. Mbousa says:

    I wonder how many names we will see who have been stashing our bank bailout money in Swiss bank accounts. It should be interesting and high drama when this list is made public. Also saw on Fox news that Texas is mobilizing along the Rio Grande border with Mexico as the Calderon administration is conducting military operations against the drug cartels which are operating along the US/Mexico border. Worst case scenario at this time is 1 million Mexican refugees fleeing into the US. http://www.foxnews.com/story/0,2933,491964,00.html

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