UBS ordered to court in tax case over Singapore bank secrecy
[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.
BLOOMBERG
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Banking & Finance
China’s CICC demotes senior bankers, cuts pay to slash costs
Citi promotes Damien Tan to corporate banking head for Singapore
Australian dollar firm as bulls bet on hawkish turn at RBA
ECB rate cut case getting stronger, says chief economist Lane
RBNZ has limited scope to cut cash rate this year: OECD
Crypto.com wants to sponsor more sports after Formula One Miami