| Log in

UBS To Pay $780 Mn To US Govt, Admits Tax Fraud

19 February, 2009

Switzerland’s largest bank UBS AG has agreed to pay $780 million and disclose the names of some secret account holders to avoid prosecution US authorities. The authorities had accused and were pursuing criminal fraud charges that it assisted rich Americans to evade taxes. UBS has admitted to helping US taxpayers hide accounts from the Internal Revenue Services.

“UBS sincerely regrets the compliance failures in its US cross-border business that have been identified by the various government investigations in Switzerland and the US, as well as our own internal review,” stated Peter Kurer, Chairman of UBS AG, in a release. Client confidentiality was never designed to protect fraudulent acts, he added.

The present deal marks a penetration in the veil of Swiss bank secrecy.

UBS has had its share of trouble in India. Hasan Ali Khan, a controversial businessman alleged for money laundering by Indian government, reportedly had $8 billion in his accounts at UBS. The Swiss bank had refused to co-operate at that time, maintaining its secrecy. Its reluctance to help Indian investigators had led to delays in getting banking license in India, which it finally got in February 2008.

 


Leave Your Comment
UBS Gets Commercial Banking Licence; To Start In July

UBS Gets Commercial Banking Licence; To Start In July

Madhav A Chanchani 9 years ago
Finally, Swiss banking major UBS AG has received the commercial banking licence...
UBS sees Q2 loss, plans 3.8 bln Swiss franc stock sale

UBS sees Q2 loss, plans 3.8 bln Swiss franc stock sale

Reuters 8 years ago
Swiss bank UBS AG, one of the world’s hardest-hit major banks in the...
UBS India Head Girotra Resigns; Kamat New CEO

UBS India Head Girotra Resigns; Kamat New CEO

Reuters 6 years ago
The head of India operations at UBS AG, Manisha Girotra, has resigned, according...
No Comments

UBS To Pay $780 Mn To US Govt, Admits Tax Fraud

Powered by WordPress.com VIP