UBS Drops Offshore Banking Services for Americans

[tekisui]

An official of the Swiss bank UBS announced that it was halting its offshore banking services for US citizens after it came under scathing criticism for facilitating massive tax evasion.

The official, Mark Branson, UBS' chief financial officer of global wealth management, also said the bank is cooperating with the US government to identify US clients who might have committed tax fraud.

Branson told the Senate Permanent Subcommittee of Investigation that the bank "genuinely regrets" failures in complying with US regulations and will stop offering offshore banking to Americans.

"We have decided to exit entirely the business in question," Branson told the panel of senators.

"That means UBS will no longer provide offshore banking and securities services to US residents through its bank branches. Such services will only be provided to residents of this country through companies licensed in the United States," he said.

In addition, he added, "we are working with the US government to identify the names of US clients who may have engaged in tax fraud."

link: http://rawstory.com/news/afp/UBS_drops_offshore_banking_services_07172008.html

[indepat]

1. Now ain't that special: maybe the US should quit fostering offshore tax havens for US corporations

and other tax cheats. :D

[Bonhomme Richard]

2. I'm afraid that this will go nowhere like everything else.

As soon as they realize whose names are on that tax evasion list it will be relegated to the rabbit hole.

[elehhhhna]

3. A list of clients was handed over already by a whistleblower in Lichtenstein ...

that's the only reason UBS is "cooperating".