U.S. tax evasion still legal in Switzerland according to UBS
After it became clear that some UBS employees in the United States helped wealthy Americans evade taxes by setting up Swiss bank accounts, UBS agreed to reveal the details of a few hundred clients suspected of tax fraud and to pay a hefty sum to the U.S. for aiding tax evasion. But when the U.S. sought information on over 50,000 U.S. citizens holding Swiss bank accounts, the Swiss hit the fan. For the details on UBS’ decision to rebuff this new U.S. government lawsuit, we turn to the BBC’s Imogen Foulkes in Geneva.
The story you just read is available to read for free because thousands of listeners and readers like you generously support our nonprofit newsroom. Every day, the reporters and producers at The World are hard at work bringing you human-centered news from across the globe. But we can’t do it without you: We need your support to ensure we can continue this work for another year.
When you make a gift of $10 or more a month, we’ll invite you to a virtual behind-the-scenes tour of our newsroom to thank you for being with The World.