UBS gives IRS records on US citizen's account in Singapore
[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.
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
Rescue pup to meme star: the real-life ‘Dogecoin’ dog
Five new charges for money laundering accused Zhang Ruijin before his plead guilty mention
Bank of Japan keeps rates steady, projects inflation staying near 2% in coming years
Weak yen pressures Bank of Japan’s interest rate decision
Basel Committee adds climate risks to banking supervision standards
Crypto firm sues SEC to fend off oversight of Ethereum