Swiss Bank Helped Thousands of U.S. Citizens Avoid Paying Taxes

A settlement has been reached between UBS Bank in Switzerland and U.S. officials after it was discovered that, beginning in 2000, the bank helped new American clients set up phony accounts to evade paying federal income taxes.

From the article:

"We accept full responsibility for these improper activities," Peter Kurer, chairman of Swiss-based UBS AG, said in a statement. He added that the bank was determined to abide by the terms of the deal with U.S. criminal and securities officials.

"Client confidentiality, to which UBS remains committed, was never designed to protect fraudulent acts or the identity of those clients, who, with the active assistance of bank personnel, misused the confidentiality protections," he said Wednesday.

The bank helped U.S. citizens hide approximately 20 billion dollars in assets, using encrypted software to hide their actions, making it possible for American clients to file false tax returns, omitting income earned on the money in their Swiss bank accounts.

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