Swiss Bank UBS Admits 'limited number' of Tax Frauds
Losses and Lawsuits
BASEL & ZURICH - UBS has revealed it has uncovered what it describes as "a limited number of cases" of tax fraud as part of inquiries by US regulatory authorities into the bank's global wealth management arm's role in aiding tax fraud. The Swiss bank's chairman has indicated he could hand details of cases over to the US Internal Revenue Service, in an uncharacteristic move for the famously confidential Swiss banking system, saying investor privacy "is not there to protect cases of tax fraud".
Prosecutors allege the unit helped US clients evade income taxes on funds held in foreign accounts (see OpRisk & Compliance, Losses and Lawsuits, December 2008). Bradley Birkenfeld, a former UBS banker, has already pleaded guilty to helping US clients avoid paying taxes. According to a US grand jury indictment, he smuggled diamonds into the US inside a toothpaste tube for one client. The former head of the bank's international wealth management unit, Raoul Weil, has pleaded innocent and vows to fight charges of aiding tax evasion for $200 million in offshore assets.
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@risk.net or view our subscription options here: http://subscriptions.risk.net/subscribe
You are currently unable to print this content. Please contact info@risk.net to find out more.
You are currently unable to copy this content. Please contact info@risk.net to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@risk.net
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@risk.net
More on Regulation
EU banks fear green asset ratios paint an unfair picture
Industry lobbyist clashes with lawmaker over usefulness of new sustainability disclosure
EU watchdogs to launch prop trader capital review in April
Prop traders say bank-style IFR rules are driving them out, but doubt EBA will suggest changes
Investors say new SEC disclosures may sit on shelf
Advisory committee questions value of rule 605 changes, even for retail investors
CFTC hears ‘call to action’ from swaps end-users on Basel III
Commissioner Pham mulls engaging with prudential regulators over capital hit on clearing
Iosco gears up for ‘intensive work’ on AI regulation
Watchdogs risk ‘falling behind the curve’, secretary-general warns; FSB also working on guidance
Deposit insurance could transform outlook for China TLAC
Issuance needs drop dramatically if regulators allow maximum inclusion of deposit insurance fund
Canada’s FRTB pioneers get snowed on fund-linked trades
As Basel capital reforms go live, risk managers eye early adopters’ progress and push to improve capital treatment of fund-linked products
Emir 3.0 threatens lag for Simm revisions
New EU rules could stall changes aimed at improving risk sensitivity of industry margin models
Most read
- Quants are using language models to map what causes what
- Reluctantly, CME moves to clear US Treasuries
- The bank quant who wants to stop gen AI hallucinating