What did the government conclude about UBS’s offshore banking practices?
On July 17, 2008, the United States Senate Permanent Subcommittee on Investigations released its Staff Report entitled Tax Havens Banks and U.S. Tax Compliance, wherein it reported its conclusions from an investigation of the offshore banking service provided to United States customers by UBS AG. The Subcommittee concluded, among other things that UBS employed banking practices that could facilitate, and have resulted in, tax evasion by their U.S. clients; UBS has accounts in Switzerland for an estimated 19,000 U.S. clients with assets valued at $18 billion that have not been disclosed to the IRS; and UBS assisted their U.S. clients in structuring their foreign accounts to avoid U.S. reporting requirements. View the full text of the Senate Report.
