Details of the deal between the US government and Swiss Bank UBS will likely be released today.
The government settled a U.S. tax case against Swiss bank, but the terms of the settlement aren’t known. The deal could set the stage for a recovery at UBS’s wealth management unit, which has suffered from the financial crisis, customer defections, poor morale and uncertainty caused by the U.S. probe.
From the Associated Press:
The United States will release details Wednesday on its agreement with Switzerland to end their tax evasion dispute involving UBS AG, a U.S. treasury spokeswoman said.
Details of the deal will be released after it is signed by the two countries. The dispute is over thousands of UBS accounts that U.S. prosecutors say were used by Americans to hide nearly $15 billion in assets.
“Today is the release of the settlement details, at 9:30 a.m. Eastern,” (1330 GMT) said Nayyera Haq, a U.S. Treasury Department spokeswoman. She referred further questions to the U.S. Internal Revenue Service. Telephone messages left with the IRS’s office in Washington weren’t immediately returned.Meanwhile, the Swiss government will hold a news conference Wednesday afternoon in the capital of Bern.
Experts predict the accord will force the bank to hand over up to 5,000 of the 52,000 names sought by the IRS. The conditions of the handover will be such that Switzerland will not break its own banking secrecy laws, the Swiss government has pledged.
UBS has admitted to helping some U.S. clients hide large sums of money in offshore accounts. The bank earlier this year turned over more than 250 client names and paid a $780 million penalty in a deferred prosecution agreement with the U.S.
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