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UBS to pay 780 million to US Government over tax charges
Switzerland’s largest bank, UBS, has admitted helping U.S. taxpayers hide money from the IRS. They have agreed to pay $780 million in fines and restitution, and to turn over account information.
“UBS admitted to conspiring to defraud the United States by impeding the IRS,” the Justice Department announced late Wednesday.
The statement says that UBS, “in an unprecedented move” based on an order by Swiss authorities, has agreed “to immediately provide the U.S. government with the identities of, and account information for, certain U.S. customers of UBS’s cross-border business.”
There is an estimated 17,000 – 20,000 US Citizens who have accounts with UBS.
UBS (UBS) also has agreed to end its business practice of providing banking services to U.S. customers with undeclared accounts.