UBS AG may disclose data on 4,000 to 5,000 U.S. clients as part of a settlement agreement initialed last week by Switzerland and the U.S., Sonntag reported, citing two unidentified people familiar with the matter.
While the bank isn’t facing a fine, its clients may have to pay about 4 billion francs ($3.7 billion) in taxes and penalties, the newspaper estimated.
UBS spokesman Andreas Kern declined to comment on the report when contacted by Bloomberg News today. A spokesman for the Swiss justice ministry wasn’t reachable on his mobile phone.
(Source: Bloomberg.com)
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5 Responses
How about the victims of the Holocaust who left their entire life savings in Swiss bank accounts? Where did all of their money go?
A word to the wise- the Israeli banks are next-
Get your money out as fast as you can
It is about time that Swiss banks got out of the money laundering business.
#2 – Israeli banks do not (knowlingly) engage in money laundering for criminals.
#1 – money in secret accounts is still there, waiting for a claimant. The issue is who gets the money if the person left no survivors (in the US, unclaimed assets go to the state government). In fact, the sorts of people who were able to use such accounts, usually had arrangements to claim them. Very few frum East European Jews has “life savings” worth mentioning.
Flatbush Bubby – Are you still here, in this country you totally rejected last week? Have been so deep in your anti-United States cocoon that you are unaware how long Swiss bank accounts have been used as tax-dodge havens – has nothing to do with money stolen during the Churban Europe.
For those who report their incomes and pay their taxes this is a welcome development indeed.
Uh, akuperma and YonasonW, there have been reports since when the first lawsuits came out against Germany that people were going to their respective Swiss banks who still had the account numbers and were refused access to their money. Uncle Sam doesn’t want a piece of the pie?
akuperma, you obviously do not have any relatives from Eastern Europe. I do or did depending on what happened during WWII. Many, many people have money with interest and descendants who can’t get to their money!!
YonasonW, the real tax haven is the Caribbean where there is even more secrecy. But, no one will touch the Caribbean banks because that is where George Soros and all the the rest of his fellow Democrats such as the DNC, A.C.O.R.N. and Charles Rangel keep their money.