UBS Admits to Helping Hide Accounts.

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  • Additional Information
    • Subject Terms:
      SWITZERLAND; UNITED States
    • Subject Terms:
      UBS AG 022700199 UBS; UNITED States. Internal Revenue Service
    • Abstract:
      The article reports that UBS, the largest bank in Switzerland, acknowledged that it assisted some of its clients in hiding their bank accounts from the U.S. Internal Revenue Service (IRS). The IRS responded by making an agreement with UBS that will require the bank to pay $780 million in fines. Additionally, UBS will provide the U.S. government with the identities of the account holders.