TaxAdministrationUBS director charged with tax evasion

UBS director charged with tax evasion

One of the UBS board directors has been charged with tax evasion in the US

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:

UBS looks to settle private banking tax issues

Read
The Times story

Related Articles

New trading allowance: simplicity, but not as we know it

Administration New trading allowance: simplicity, but not as we know it

1w Emma Rawson, ATT Technical Officer
‘Improve rather than lose’ disincorporation relief, tax body urges

Administration ‘Improve rather than lose’ disincorporation relief, tax body urges

3w Austin Clark, Reporter
Are you ready for the Trusts Registration Service?

Administration Are you ready for the Trusts Registration Service?

4w Helen Thornley, ATT Technical Officer
European Commission close to anti-tax avoidance package

Administration European Commission close to anti-tax avoidance package

1y Fraser Simpson, Reporter
‘Significant recovery’ for HMRC customer service, claims boss Thompson

Administration ‘Significant recovery’ for HMRC customer service, claims boss Thompson

1y Fraser Simpson, Reporter
Advisers bullish despite Brexit concerns

Accounting Standards Advisers bullish despite Brexit concerns

1y Fraser Simpson, Reporter
Brexit: Five questions accountants should be asking

Accounting Firms Brexit: Five questions accountants should be asking

1y Fraser Simpson, Reporter
UK votes to leave EU – accountancy profession reacts

Accounting Firms UK votes to leave EU – accountancy profession reacts

1y Fraser Simpson, Reporter