The Swiss banking giant UBS has agreed to release the names of wealthy American account holders believed to be using offshore accounts to avoid paying taxes. The agreement came as part of a $780 million fraud settlement with the IRS. Prosecutors say UBS helped wealthy American clients hide at least $1.5 billion in taxes from 2002 to 2007.
UBS to Disclose Americans Holding Offshore Accounts
HeadlineFeb 19, 2009