US preparing to prosecute 150 UBS account holders

AFP
Friday, August 14, 2009

WASHINGTON (AFP) – US authorities are building cases for possible criminal prosecution of some 150 wealthy American clients of Swiss banking giant UBS as part of a probe into tax evasion, the New York Times reported Friday.

The daily, which cited a person briefed on the matter, said the likely prosecutions were part of a crackdown on tax evasion using offshore accounts.

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Earlier this week, the US government and UBS finalized a long-delayed out-of-court settlement to end a diplomatically sensitive tax secrecy case aimed at forcing the bank to turn over names of America account holders.

Details of the settlement were not available and it was unclear how many of the estimated 52,000 Americans with UBS offshore accounts would be named.

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