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UBS gives IRS records of US client's S'pore account

US authorities moving beyond Switzerland in fight against offshore tax evasion
Friday, June 24, 2016 - 05:50

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More than 80 Swiss banks, including UBS, have agreed to pay a total of US$5 billion or so in penalties and fines.

Newark, New Jersey

UBS GROUP AG has ended a legal fight with the Internal Revenue Service, agreeing to hand over records on an American client's account in Singapore as US authorities seek to move beyond Switzerland in their fight against offshore tax evasion.

The case involves

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