Tax Law
US Court Tells Swiss Bank UBS to Reveal Customer Names
Posted Jul 1, 2008, 05:15 pm CST
By Martha Neil
In a reportedly unprecedented court order, a federal judge in Miami has ordered Swiss-based UBS AG to reveal the names of U.S. residents who have been using secret accounts to avoid paying American income tax.
"Federal prosecutors have accused UBS of helping American clients hide $20 billion overseas in secret offshore accounts, evading $300 million or more in taxes," reports the New York Times.
The court order today apparently concerns American clients who had accounts at UBS or its affiliates from December 2002 through 2007, unless the Internal Revenue Service received a W-9 form for the account.
Additional coverage:
Reuters: "US gets court order for UBS Swiss bank records"
ABAJournal.com: "DOJ Seeks Rare Federal Court Ruling Forcing UBS to Name Names"
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