UBS Exiting Business Of Providing Off-Shore Banking Services To US Clients

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Those famous Swiss bank accounts may become a thing of the past. Testifying before a Congressional hearing on tax fraud, UBS chief financial officer Mark Branson said that the Swiss bank would no longer provide tax advice and private banking services to US customers.
The Senate's subcommittee on investigations issued a report today claiming that tax dodges aided by foreign banks cost the Treasury about $100 billion per year. For the past six months the subcommittee has been investigating the practices of UBS and LGT Bank in Liechtenstein, which is owned by Liechtenstein prince Hans-Adams II.

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