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UBS ordered to court in tax case over Singapore bank secrecy

Friday, March 4, 2016 - 07:16

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The US sought to make UBS Group AG turn over records on an account in Singapore held by a US citizen, possibly forcing a showdown with the city-state over its bank-secrecy laws and opening a new front against offshore tax evasion beyond Switzerland.

[NEWARK] The US sought to make UBS Group AG turn over records on an account in Singapore held by a US citizen, possibly forcing a showdown with the city-state over its bank-secrecy laws and opening a new front against offshore tax evasion beyond Switzerland.

The Internal Revenue Service asked a federal judge in Miami to force UBS, the largest Swiss bank, to produce records on Ching-Ye Hsiaw, who lives in China. The judge on Wednesday told UBS to show up in court on March 31 to explain why it has refused to supply the account records.

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