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UBS Group AG building in St. Gallen.UBS maintains strict banking secrecy practices which have been used to facilitate tax evasion. The Swiss investment bank and financial services company, UBS Group AG, has been at the center of numerous tax evasion and avoidance investigations undertaken by U.S., French, German, Israeli, and Belgian tax authorities as a consequence of their strict banking ...
One of Shulman's signature initiatives was the cracking down of offshore tax evasion. He is largely credited with being the key leader in shifting the paradigm of tax evasion and bank secrecy. In August 2009, he persuaded Switzerland to turn over the identities of 4,450 Americans with secret UBS bank accounts. UBS paid a $780 million fine.
On 19 February 2009, the US government filed suit against UBS to reveal the names of all 52,000 U.S. customers, alleging that the bank and these customers conspired to defraud the US tax authority IRS of legitimately owed tax revenue. [10] However revealing customer names was contrary to Swiss law and put UBS in a difficult position.
Swiss bank UBS is set to shell out more than $1.4 billion to settle accusations of “historic” fraud relating to its role in the 2008 financial crisis.
Offshore bank accounts are held outside of your home country and are an option to hold funds in a foreign currency. Offshore bank accounts can make sense in some situations, such as for those who ...
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Then, in November, UBS announced that it had chosen Murex’s software to replace a large part of its fixed income platform technology, including the booking of trades, valuation and risk management. [8] In the Truffle 100 rankings for 2016, Murex became the third largest French software publisher with an announced turnover of 460 million euros ...
Bradley Charles Birkenfeld (born February 26, 1965) is an American private banker, convicted felon, and whistleblower.During the mid- to late-2000s, he made a series of disclosures about UBS Group AG clients, in violation of Swiss banking secrecy laws, to the U.S. government alleging possible tax evasion.
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