RegulationCorporate GovernanceUBS axes offshore services for US citizens

UBS axes offshore services for US citizens

The Swiss bank has already closed down its US offshore banking business and will no longer allow staff to travel to the US to meet clients

UBS is to axe more of its offshore banking services amid a $20bn (£10bn)
tax-avoidance investigation by the US government into the investment bank’s
former operations.

UBS is to stop providing offshore banking services to American citizens, the
Daily Telegraph reported.

The Swiss bank, which has already closed down its US offshore banking
business, said it would no long allow bankers from Switzerland or elsewhere in
the world to travel to the US to meet clients on banking or securities matters.

The bank has also agreed to work with the US government to identify American
clients who may have been involved in defrauding the Internal Revenue Service
(IRS), the Daily Telegraph said.

That decision follows an earlier ruling by a Florida judge to give the IRS
permission to serve legal papers on the bank to attempt to force it to hand over
the names of up to 20,000 US clients.
The IRS, in tandem with the US Department of Justice, is leading an
investigation into tax avoidance among US clients of UBS’s offshore unit from
2000-2007.

Further reading:

Liechtenstein and LGT group helped clients hide wealth

IRS seeks accountants in fight against tax evasion

Swiss govt concern over US tax evasion probe

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