UBS ends offshore banking for US residents

18th July 2008, Comments 0 comments

The Swiss bank will not provide offshore banking and securities services to US residents through its branches in Switzerland in face of recent accusations.

18 July 2008

NEW YORK – Swiss bank UBS is no longer providing offshore banking and securities services to US residents through its branches in Switzerland, the bank says, responding to accusations it helped wealth Americans avoid paying taxes when setting up accounts there.

Mark Branson, chief financial officer of UBS Global Wealth Management and Business Banking, told the Senate subcommittee on investigations it now provides such services to US residents only through companies licensed here.

The bank also is working "to identify the names of US clients who may have engaged in tax fraud," Branson said.

While Swiss law protects client identity, he said, such protections do not apply in matters relating to tax fraud.

[AP / Expatica]

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