IRS drops lawsuit against UBS on US tax evasion

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The US Internal Revenue Service (IRS) has dropped plans for legal action against UBS over tax evasion after the bank handed over the details of 4,000 offshore accounts, marking the end of a long-running tax probe into the bank.

At the start of 2009 the Swiss bank admitted it had found “a limited number of cases” of tax fraud as part of an investigation sparked by claims from a UBS employee that the bank was helping US citizens conceal assets from the IRS and avoid US tax laws.

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