UBS to hand over names of 5,000 U.S. clients to IRS, DOJ

From Market Watch:

WASHINGTON (MarketWatch) – UBS AG agreed to give the U.S. Internal Revenue Service an “unprecedented amount” of information on thousands of U.S. holders of accounts at the Swiss banking group as part of a settlement with the Swiss government, the IRS announced Wednesday.

The agreement comes as U.S. tax authorities conduct a criminal investigation into Americans who used Swiss bank accounts of UBS /quotes/comstock/13*!ubs/quotes/nls/ubs (UBS 15.62, -0.28, -1.76%) /quotes/comstock/!ubsn (CH:UBSN 16.90, +0.42, +2.55%) to avoid paying U.S. taxes.

The settlement follows demands from the U.S. authorities that the bank hand over details on thousands of customers. U.S. tax authorities will gain access to 4,450 accounts of U.S. individuals who have accounts with UBS, according to the settlement.

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