US report: UBS, other bank aided tax cheats
Summary from multiple countries, from articles in English
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GENEVA - A Senate subcommittee accused banks in Switzerland and Liechtenstein of helping wealthy Americans evade billions in taxes each year, and urged the establishment of tougher laws to combat offshore tax havens around the world. (article 6)
Mark Branson, chief financial officer for UBS Global Wealth Management and Business Banking, said the bank's 80,000 employees were alarmed by reports of misconduct. (article 9)
WASHINGTON (Reuters) - UBS AG will stop providing offshore private banking services to U.S. residents through unregulated entities, the Swiss bank said on Thursday at a congressional hearing on overseas tax-dodging. (article 8)
A senior UBS executive apologized to a Senate investigative subcommittee that released a new report at the hearing claiming that thousands of wealthy Americans are avoiding taxes by hiding their assets in Switzerland and Liechtenstein. (article 8)
Branson said UBS was working with the U.S. government to identify U.S. clients who may have engaged in tax fraud. (article 8)
Federal regulators should consider revoking the US banking license of the giant Swiss Bank UBS because of its role in helping wealthy Americans evade billions of dollars in taxes, Sen. Carl Levin (D-MI) told ABC News today. (article 10)
Hundreds of rich Americans whose names and secret foreign bank account information were turned over to US tax authorities could face criminal prosecution. (article 2)
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Story keywords
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UBS, Kieber, Liechtenstein, Tax, Bank |
Source articles
- Witness Protection for Bank Whistleblower; UBS Exec Takes 'the Fifth' (ABCNews, 07/17/2008, 746 words)
- ABC News: Hundreds of Super Rich Under Investigation (ABCNews, 07/16/2008, 334 words)
- ABC News: Day of Reckoning? Super Rich Tax Cheats Outed (ABCNews, 07/15/2008, 332 words)
- MP presses Tories on tax evasion scandal (cbc.ca, 07/17/2008, 831 words)
- Ex-UBS banker charged with US tax fraud (business.timesonline.co.uk, 07/17/2008, 218 words)
- US report: UBS, other bank aided tax cheats (boston.com, 07/17/2008, 400 words)
- Witness tells how US taxes evaded abroad (Washington Post, 07/17/2008, 436 words)
- UBS halts U.S. offshore services amidst tax probe (boston.com, 07/17/2008, 619 words)
- Hit by tax probe, UBS halts offshore services (Washington Post, 07/17/2008, 653 words)
- ABC News: Sen. Levin: Shut Down Giant Swiss Bank UBS (ABCNews, 07/17/2008, 335 words)
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