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 World is an independent newsroom. We’re not funded by billionaires; instead, we rely on readers and listeners like you. As a listener, you’re a crucial part of our team and our global community. Your support is vital to running our nonprofit newsroom, and we can’t do this work without you. Will you support The World with a gift today? Donations made between now and Dec. 31 will be matched 1:1. Thanks for investing in our work!