Reply #32: Tee hee [View All]

[lonestarnot]

http://uk.reuters.com/article/marketsNewsUS/idUKL952266420090109

UBS closing U.S. clients' offshore accounts -NYT
Fri Jan 9, 2009 7:26am GMT

ZURICH, Jan 9 (Reuters) - Under pressure from the U.S. tax authorities, Swiss wealth management giant UBS (UBSN.VX: Quote, Profile, Research) (UBS.N: Quote, Profile, Research) is closing all the offshore accounts of its rich U.S. clients, the New York Times said on Friday.

UBS, which the U.S. authorities says helped wealthy Americans hide cash in offshore bank accounts, will shut about 19,000 offshore accounts, the paper said, quoting unnamed U.S. clients.

A UBS spokesman in Switzerland was not immediately available to comment on the report.

... many U.S. clients of UBS had started to voluntarily turn themselves in to the U.S. Internal Revenue Service. The clients have so far avoided serious punishment, the paper said.