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’.
Does Darwin's theory apply to taxation? Colin ponders...
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
HMRC has won its tenth successive case against tax avoidance schemes promoted by NT Advisors. The Court of Appeal has ruled that NT ... read more
HMRC is continuing to ramp up the number of raids on premises it carries out as part of criminal investigations, searching 761 properties in the last year