Hotmail
UBS must give names of suspected tax cheats
A U.S. summons against UBS is seeking the identities of about 52,000
 |
Bleak job scene poses challenge for Obama President Barack Obama holds a high-profile job summit with business leaders and economists Thursday, but there is no consensus about what the government should do next. |
 | Video: Economy in turmoil |
 McCain's Afghan Surge Concern? Discussing the Obama surge and some other hot topics on Capitol Hill, with Sen. John McCain (R-AZ). |
BREAKING NEWS
updated 3:13 p.m. ET June 30, 2009
MIAMI - The Justice Department says Swiss bank UBS AG must reveal names of thousands of suspected American tax cheats because the bank violated U.S. law.
A court filing Tuesday in Miami urges U.S. District Judge Alan S. Gold to enforce a summons against UBS seeking the identities of about 52,000 people. U.S. officials say those are mostly wealthy Americans who used secret UBS accounts to hide income from the Internal Revenue Service.
UBS has claimed it cannot disclose the names without violating Swiss law. But U.S. officials say foreign law and tax treaties do not shield U.S. taxpayers from liability. The court filing says UBS “systematically and deliberately violated” U.S. laws.
© 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
- Discuss Story On Newsvine
-
Rate Story:
View popularLowHigh - Instant Message
MORE FROM WORLD BUSINESS |
 World business Section Front |
| Add World business headlines to your news reader: |
Sponsored links
Scottrade: Trade Stocks
Open an Account Online Today! $7 Trades & Powerful Trading Tools.
www.scottrade.com
Open an Account Online Today! $7 Trades & Powerful Trading Tools.
www.scottrade.com
Resource guide