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UBS gives IRS records on US citizen's account in Singapore

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

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

The IRS on Feb 23 asked a federal judge in Miami to force UBS, the largest Swiss bank, to produce documents on Ching-Ye Hsiaw, who lives in China. UBS reached an agreement with the IRS last month and has handed over all the records sought by the US, according to a court filing.

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