Financial Regulatory Forum

FEATURE-Ancient haven San Marino fights for banking life

August 17, 2009

Cassa di Risparmio bank, San Marino By Deepa Babington
SAN MARINO, Aug 17 (Reuters) – San Marino has seen medieval intrigue and papal army invasions in its 1,708-year history, but a modern-day banking scandal and blitz on tax havens risks bringing the world’s oldest republic to its knees.

U.S. asks court for more time to reach tax deal with UBS

August 7, 2009

UBS/TAX MIAMI, Aug 7 (Reuters) – The U.S. government, citing difficulties in talks to hammer out a final settlement of its tax-evasion dispute Swiss bank UBS AG, asked a U.S. judge on Friday to delay a trial in the case set to begin on Monday. (more…)

UBS buoyed by reports of tax deal with U.S.

August 3, 2009

By Katie Reid and Lisa Jucca
ZURICH, Aug 3 (Reuters) – Shares in UBS soared on Monday after reports said the Swiss bank would not pay a fine and would pass on fewer client names than expected in a settlement of U.S. tax litigation to be finalised later this week. (more…)

U.S. and UBS reach breakthrough deal in tax dispute

July 31, 2009

USA/ MIAMI, July 31 (Reuters) – The United States and Swiss bank UBS AG have struck a deal to settle their dispute over tax evasion and bank secrecy, backing off from an escalating standoff that had threatened to damage ties between the two countries.

Swiss authorities investigate bribery accusation in UBS tax case

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.

No deal yet in UBS tax case, trial to proceed, U.S. says

July 29, 2009

MIAMI, July 29 (Reuters) – The United States said on Wednesday no deal had been reached so far in talks with Swiss authorities to settle a tax evasion dispute and it expected a trial against Swiss bank UBS AG to go vahead as scheduled on Monday.

UBS client case implicates Swiss bankers, official

July 28, 2009

UBSBy Tom Brown
MIAMI, July 28 (Reuters) – An American client of UBS AG pleaded guilty on Tuesday to using Swiss bank accounts to hide more than $8 million from U.S. tax authorities and said a Swiss government official received $45,000 to help cover up the fraud.

Swiss, U.S. seen needing time to finish UBS tax deal

July 24, 2009

UBS executive Mark Branson ZURICH, July 24 (Reuters) – Talks between Switzerland and the United States to end a tax row targeting UBS could stretch beyond an Aug. 3 deadline to allow more time for a detailed settlement, a source familiar with the situation said on Friday. (more…)

Swiss clinch deal as it seeks to shed tax haven label

July 23, 2009

ZURICH, July 23 (Reuters) – Switzerland’s Finance Ministry said on Thursday that on drafting an agreement with Finland it had brought to 12 the number of tax deals initialled in efforts to be removed from an international “grey list” of tax-havens. (more…)

UBS data transfer to U.S. possible – Swiss judge

July 14, 2009

UBS attorneys By Lisa Jucca, European Wealth Management Correspondent

ZURICH, July 14 (Reuters) – Swiss bank UBSĀ  could transfer client data to the United States and end a damaging tax litigation without breaching Swiss bank secrecy laws, a top Swiss judge told Reuters on Tuesday. (more…)