Swiss Bank UBS AG has reached a settlement with U.S. government, signaling the end of tax evasion via foreign banks.
From Lisa Jucca, Reuters:
ZURICH (Reuters) - The days of secret bank accounts are numbered for U.S. taxpayers and European tax dodgers should also watch out after the United States and Swiss bank UBS AG agreed to settle a tax evasion case.
Details of the deal were not made public after the settlement was initialed Wednesday.
But tax experts expect the settlement to involve the disclosure to U.S. tax authorities of thousands of names of U.S. residents suspected of using secret Swiss accounts to conceal assets, albeit without formally breaching Swiss bank secrecy.
