UBS to hand over names of 5,000 U.S. clients to IRS, DOJ

The Internal Revenue Service and the Justice Department announced a settlement Wednesday with UBS AG, an agreement that will result in an "unprecedented amount" of information on U.S. holders who have accounts with the Swiss bank.

The settlement, negotiated with the assistance of the Swiss government, comes as U.S. tax authorities conduct a criminal investigation into Americans who used Swiss bank accounts of UBS /quotes/comstock/13*!ubs/quotes/nls/ubs (UBS 15.85, -0.05, -0.31%) /quotes/comstock/!ubsn (CH:UBSN 16.90, +0.42, +2.55%) to avoid paying U.S. taxes.

The settlement follows demands from the U.S. authorities that the bank hand over details on thousands of customers. U.S. tax authorities will gain access to 5,000 accounts of U.S. individuals who have accounts with UBS, according to the settlement.

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- Posted: 2009-08-19 10:04:52

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