US tax authorities move in on UBS clients

by Gill Montia

Story link: US tax authorities move in on UBS clients

Over 500 clients of UBS are being warned that their account details could shortly be handed over to tax officials in the US.

In August, it emerged that US authorities were investigating over 150 clients of the Swiss investment bank in connection with tax evasion.

The figure came to light as a Florida court sentenced former UBS banker, Bradley Birkenfeld, for helping American clients hide their wealth.

At the time, the bank agreed to hand over the names of certain customers including 4,500 account holders identified by the US Internal Revenue Service as potential tax evaders.

UBS clients in the frame have been given 30 days to lodge an appeal against their details being passed on.

While Swiss banks are renowned for their secrecy, under Swiss law they are not obliged to protect the identities of clients who have been involved in fraud.