Reply #11: Ties to the Swiss Bank Tax Fraud for American Billionares

[Ichingcarpenter]

UBS vows to expose tax-cheat
Geoff Elliott, Washington correspondent | July 19, 2008

UBS, the world's largest private banking group, stunned the financial world yesterday when it shelved all its offshore banking services for US residents and appeared to rip up the traditional Swiss franchise of secrecy, saying it was co-operating with the US's tax authorities to expose tax cheats.

Caught up in the same document sweep from the LGT Bank in Liechtenstein that exposed the private banking dealings of Australia's Frank Lowy, a UBS executive fronted a congressional inquiry in Washington DC and announced a stunning about-face.

"I am here today to make it absolutely clear that UBS genuinely regrets any compliance failures that may have occurred," said Mark Branson, UBS's Zurich-based chief financial officer of global wealth services.

"We have decided to exit entirely the business in question," he said of questionable banking services for US residents. "That means UBS will no longer provide offshore banking or security services to US residents through our bank branches."

http://www.theaustralian.news.com.au/story/0,25197,2404...