Swiss Bank to Give Up Info on US Accounts

The days of the “secret Swiss bank account” seem to be coming to an end, as Swiss banking giant UBS AG has agreed to turn over to the U.S. government information on Americans who held Swiss bank accounts in order to avoid paying U.S. taxes. In addition, the Justice Department reports that UBS AG has agreed to pay $780 million in fines, penalties, interest and restitution, in order to avoid future prosecution.

Charges brought buy the Justice Department alleged that UBS disregarded a 2000 agreement with the IRS to report the income of its U.S. account holders, and actively assisted U.S. citizens in evading U.S. income tax payments.

http://usgovinfo.about.com/b/2009/02/20/swiss-bank-to-give-up-info-on-us-accounts.htm