Financial Regulatory Forum

Some U.S. banks awash in ID theft tax-fraud proceeds as IRS cracks down

By Guest Contributor
February 3, 2012

By Brett Wolf

NEW YORK, Feb. 3 (Thomson Reuters Accelus) - Despite a new federal crackdown announced this week aimed at combating tax refund fraud involving the use of stolen identities, current law enforcement efforts are not enough and fraudsters are still pumping massive sums of tax fraud proceeds through U.S. banks, sources told Thomson Reuters.

UBS won’t sue its former executives on subprime, U.S. tax

December 15, 2009

By Emma Thomasson

ZURICH, Dec 15 (Reuters) – UBS AG will not sue its former bosses after risky bets on subprime mortgages and a strategy of helping U.S. clients dodge taxes by hiding money in secret accounts brought the Swiss bank to its knees.

Swiss authorities investigate bribery accusation in UBS tax case

By Reuters Staff
July 29, 2009

By Oliver Hirt and Sven Egenter
ZURICH, July 29 (Reuters) – Swiss prosecutors said on Wednesday they are investigating allegations that an unnamed high-ranking Swiss official took a bribe from a U.S. client of UBS to help cover up tax fraud.