Wednesday February 18, 10:14 PM
Swiss bank UBS to pay 780 mln drs in US tax fraud probe
WASHINGTON (AFP) - Swiss banking giant UBS (Virt-X: UBSN.VX - news) has agreed to pay 780 million dollars to the US government and cooperate in a tax fraud probe, including naming scofflaw clients, the Justice Department said Wednesday.
"UBS AG, Switzerland?s largest bank, has entered into a deferred prosecution agreement on charges of conspiring to defraud the United States by impeding the Internal Revenue Service (IRS)," the Justice Department said in a statement.
"As part of the deferred prosecution agreement and in an unprecedented move, UBS, based on an order by the Swiss Financial Markets Supervisory Authority (FINMA), has agreed to immediately provide the United States government with the identities of, and account information for, certain United States customers of UBS?s cross-border business," it said.
UBS's agreement "to pay 780 million dollars in fines, penalties, interest and restitution" was accepted earlier Wednesday by a US federal judge in Florida.
"In light of the bank's willingness to acknowledge responsibility for its actions and omissions, its cooperation and remedial actions to date, and its promised continuing cooperation and remedial actions, the government will recommend dismissal of the charge, provided the bank fully carries out its obligations under the agreement," the Justice Department said.
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