Monday, April 26, 2010

UBS, U.S. to continue discussions on tax evasion case

The United States, Switzerland and UBS AG, the largest Swiss bank by assets are trying to reach an out of court settlement in a case over tax evasion that is challenging Swiss banking secrecy.

The U. S. and the UBS have requested the adjournment of the trial in Miami in order to have more time to continue discussions to find out some solution to the problem.

The dispute emerged on February 19, when the U. S. sued UBS AG in search of the identities of about 52,000 American customers who hold offshore account with UBS AG, signifying tax evasion.

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