UBS reportedly had 47,000 accounts of Americans whose assets went unreported to the US government.
WiredPRNews.com – Switzerland’s largest bank UBS AG has reportedly claimed to have approximately 47,000 accounts of individuals in the U.S. who failed to pay taxes for assets held. As reported by the Associated Press (AP), the institution will however only release the names of 300 clients, in a continuing battle with U.S. officials.
Senator Carl Levin is quoted in the AP report as stating in a hearing on Wednesday held by an investigative panel of the Senate, “The rest of the world is getting fed up with offshore tax havens that turn a blind eye to tax evasion and allow their financial institutions … to profit from tax dodging.” The Senator is also noted to have taken issue with what were perceived as evasive answers to questions posed to Mark Branson, an executive of UBS.
Offshore tax abuse reportedly costs the United States $100 billion annually.
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