The Switzerland bank agrees on settlement with U.S. government.
WiredPRNews.com – UBS has agreed to pay the U.S. government millions and disclose secret banking records amidst conspiracy allegations. As reported by the Associated Press (AP), the Switzerland based bank giant is set to pay the U.S. $780 million and open secret records, after being accused of tax fraud conspiracy in regards to assets placed in the accounts of thousands of American clients that has gone unreported.
Peter Kurer, UBS AG Chairman is quoted by the AP as stating of the issue “We accept full responsibility for these improper activities… Client confidentiality, to which UBS remains committed, was never designed to protect fraudulent acts or the identity of those clients, who, with the active assistance of bank personnel, misused the confidentiality protections.”
Doug Shulman, Internal Revenue Service Commissioner is quoted as warning U.S. taxpayers with hidden money in offshore accounts, “People who have hidden unreported income offshore need to get right with their government. They should come forward and take advantage of our voluntary disclosure process.”