UBS to End Offshore Accounts for U.S. Citizens Over Tax Evasion Concerns

By Matt Squire

Facing allegations that it helped U.S. clients evade taxes, Swiss bank UBS AG will end its offshore banking services to residents of the United States, a company official told Capitol Hill on Thursday. Michigan Democrat Carl Levin, armed with a 110-page report on tax haven banks, accused UBS and Liechtenstein-based LGT Bank of assisting U.S. taxpayers in evading billions of dollars of taxes through the use of offshore banking vehicles, during a hearing in the Senate Permanent Subcommittee on Investigations (PSI). Both UBS and LGT have maintained thousands of accounts for U.S. clients since 2001 that have shielded billions of...