Financial Regulatory Forum

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.

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 UBS  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…)

U.S. judge delays UBS tax trial, parties in settlement talks

July 13, 2009

ZURICH/MIAMI, July 13 (Reuters) – A federal judge in Miami approved a delay in a high-profile trial on Monday in which U.S. tax authorities hoped to force UBS AG to reveal the identities of thousands of Americans suspected of using the Swiss bank to evade taxes. (more…)

Gruebel: UBS cannot comply with U.S. request-source

July 10, 2009

   By Ajay Kamalakaran
   BANGALORE, July 10 (Reuters) – UBS cannot comply with a U.S. request to disclose the identity of 52,000 U.S. secret account holders, the bank’s chief executive Oswald Gruebel said in an internal memorandum, according to a source familiar with the situation.

Judge asks if US govt would shut UBS in tax fight

July 9, 2009

By Lisa Jucca and Tom Brown

ZURICH/MIAMI, July 8 (Reuters) – A judge ordered the U.S. government to say whether it was prepared to shut Swiss bank UBS AG in the United States as part of a battle to learn the identity of 52,000 secret accounts suspected of being used by Americans to avoid taxes. (more…)

Tax treaty with U.S. may hinge on UBS deal – Swiss minister

July 8, 2009

   By Gertrude Chavez-Dreyfuss and Steven C. Johnson
   NEW YORK, July 8 (Reuters) – The Swiss Parliament may not approve a double taxation treaty between Switzerland and the United States if the legal action against Swiss bank UBS is not resolved, Swiss minister of economic affairs Doris Leuthard said on Wednesday. (more…)