View Single Post
Old 08-14-09, 04:56 AM
Dasher's Avatar
Dasher Dasher is offline
Dr. Dash
Join Date: Mar 2005
Posts: 4,799
UBS Agrees To Name Depositors

UBS Agrees To Name Depositors
Published on August 12, 2009
by OfficialWire NewsDesk-WASHINGTON, D.C.

The U.S. Justice Department said UBS has agreed to reveal names of U.S. depositors suspected of hiding assets from the IRS in the Swiss bank.

"The parties have initialed agreements," Justice Department attorney Stuart Gibson said Wednesday.

While the Swiss government and UBS officials have been negotiating on the disclosure issue, many U.S. depositors have approached the Internal Revenue Service asking for leniency in their cases, anticipating the bank would be forced to reveal names, The New York Times reported Wednesday.

The Justice Department suspects 52,000 or more U.S. citizens have hidden assets in the Swiss bank.

In February, UBS agreed to pay a $780 million fine for assisting tax dodgers. Soon after the case was settled, the Justice Department filed a civil suit to force the bank to reveal names of depositors, some of whom are suspected of stashing hundreds of millions of dollars in UBS accounts.

OfficialWire: UBS Agrees To Name Depositors

Reply With Quote