• Unreported Income

As reported in the Wall St Journal 5/08/08, U.S. Is Investigating If Private Bank Had Ties to Tax Schemes.

"The secrets of UBS AG's private bank could be spilling into the open at a time when Switzerland's biggest bank is struggling to maintain a reputation tarnished by billions of dollars in losses.

U.S. prosecutors are investigating whether the private bank, which provides services to wealthy individuals, was involved in tax-evasion schemes that may have been carried out through Liechtenstein, a European principality that was beyond the reach of U.S. tax officials. The U.S. investigation is being aided by a former UBS insider who has met with U.S. prosecutors, according to two people with knowledge of the situation. U.S. securities regulators also are conducting an inquiry.

The U.S. probe into UBS's private bank, the world's largest as ranked by assets under management and one that prides itself on conservatism and confidentiality, threatens to implicate UBS clients. The former UBS employee, who also is under investigation for potential wrongdoing, has provided U.S. officials with names of American clients of UBS, said the people familiar with the probe."

Senators Carl Levin (D-Mich.) and Norm Coleman (R-Minn) had to say this about tax evasion 3/6/08:
"Each year in the United States alone, offshore tax evasion produces an estimated $100 billion in unpaid taxes that could help pay for health care, education, and more. It's time to put an end to offshore tax dodging that robs the U.S. Treasury of needed funds."

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