Financial Regulatory Forum

U.S. tax evaders rush to beat amnesty deadline

September 14, 2009

By Kim Dixon
WASHINGTON, Sept 14 (Reuters) – Rich Americans who have evaded taxes by hiding foreign holdings have about a week to turn themselves in to an Internal Revenue Service amnesty program or gamble they will not be caught.

Switzerland signs tax deal with UK

September 8, 2009

UBS/TAX   ZURICH, Sept 7 (Reuters) – Switzerland and the UK have signed a new treaty giving British tax authorities more access to banking information and taking the Swiss one step closer to being taken off an international list of tax havens. (more…)

Canada presses UBS for details of account holders

September 3, 2009

UBS/TAX   By David Ljunggren and Andrea Hopkins
   OTTAWA/TORONTO, Sept 2 (Reuters) – Canadian government officials pressed representatives of Swiss bank UBS <UBSN.VX> <UBS.N> on Wednesday for details of Canadians who might be account holders, a spokeswoman for the Canada Revenue Agency said.

France says would back Swiss removal from OECD tax “grey list”

September 1, 2009

PARIS, Sept 1 (Reuters) – Switzerland has made a major effort in terms of transparency on tax issues and France would support its eventual removal from the OECD’s grey list, Economy Minister Christine Lagarde said on Tuesday.

Offshore private banking model is dead after UBS probe, experts say

September 1, 2009

By Lisa Jucca, European Wealth Management Correspondent
ZURICH, Sept 1 (Reuters) – A U.S. tax probe against Swiss bank UBS has killed traditional offshore banking and wealth managers will have to improve their offers to survive, bankers and industry experts said on Tuesday.

U.S. files formal request for UBS client data

August 31, 2009

U.S. President Barack Obama (C) walks alongside his friend Eric Whitaker (R) as Robert Wolf, Chairman and CEO of UBS Group Americas (L), drives past in a cart as they play golf at Farm Neck Golf Course at Oak Bluffs on Martha's Vineyard, Massachusetts, August 24, 2009.          REUTERS/Jason Reed  ZURICH, Aug 31 (Reuters) – The United States has launched the formal process to get account details of 4,450 American clients of UBS suspected of tax evasion, the Swiss finance ministry said on Monday.

Swiss tax info came from banks, informers -France

August 31, 2009

PARIS, Aug 31 (Reuters) – France obtained the names of 3,000 suspected tax evaders with Swiss bank accounts from banks and unpaid informers, Budget Minister Eric Woerth said on Monday.

UBS chair says clients ‘not harmless victims’-paper

August 24, 2009

UBS/TAX   ZURICH, Aug 23 (Reuters) – Clients of UBS facing disclosure of their accounts to U.S. tax authorities were not harmless victims, and legal cases against former UBS bankers did not affect the bank, its chairman told Swiss Sunday newspapers.

UBS tax deal with U.S. seen as soon as Wednesday

August 19, 2009

UBS/TAX   By Jason Rhodes
   BERNE, Aug 19 (Reuters) – Details of a deal to settle a U.S. tax case against Swiss bank UBS AG could come as soon as Wednesday and could have far-reaching implications for other wealth managers.

UBS, U.S. settle tax evasion case

August 13, 2009

SWITZERLAND/   By Pascal Fletcher and Lisa Jucca
   MIAMI/ZURICH Aug 12 (Reuters) – The days of secret bank accounts are numbered for Americans after UBS <UBSN.VX> <UBS.N> and the U.S. and Swiss governments agreed to settle a dispute over whether the Swiss bank should be forced to disclose the names of 52,000 rich U.S. clients suspected of tax evasion.