|
|
13 Nov 2008
A senior member of the UBS executive board was charged with tax evasion yesterday during an ongoing investigation by the US Department of Justice of allegations the Swiss bank helped clients avoid taxes.
Raoul Weil, a Swiss citizen and the UBS chairman and chief executive of global wealth management, is accused of helping 20,000 American UBS customers hide $20bn (£13.3bn) of assets from the Internal Revenue Service, which could put him in prison for a maximum of five years and a earn him a $250,000 fine.
Weil, who sits on the bank’s group executive board, the most senior management level below its main board of directors, oversaw UBS’s cross-border private banking business, the unit at the centre of the continuing investigation, between 2002 and 2007.
UBS said Weil had decided that, in the interest of the firm and its clients, and in order to defend himself, he would 'relinquish his duties at this time, pending the resolution of this matter'.
Further reading:
You may also like
Search thousands of financial jobs:
Search thousands of financial jobs:
Careers
Search for jobs
Click to search our database of all the latest accountancy roles
Create a profile
Click to set up your profile and let the best recruiters find you
Jobs by email
Sign up to receive regular updates with the latest roles suitable for you
Briefings
By looking at the reasons supplier statements became unfashionable, and the reasons why it is different today, this paper delves into the many benefits that can be obtained by automating the process.
Having a real and true view of your organisation’s current financial position, and having the right systems and processes in place, will ensure that you can make strong choices and are ready to capitalise on opportunities
AccountancyAgeInsight is a frequently updated resource centre for finance professionals, offering a free and easy-to-use digital library of briefings, white papers and other information resources. 
Visitor comments Add your comment