Swiss Bank UBP To Pay $14M For Hiding Accounts From IRS

Law360 (January 2, 2020, 5:37 PM EST) -- Swiss bank Union Bancaire Privée SA has agreed to pay the federal government $14 million after admitting it did not disclose all its U.S. accounts in a 2016 nonprosecution agreement, the U.S. Department of Justice announced Thursday.

The U.S. Department of Justice said Swiss bank UBP helped U.S. clients avoid taxes for decades through undeclared accounts. (AP) UBP disclosed nearly 3,000 U.S.-related bank accounts with approximately $5 billion in assets as part of its 2016 agreement, but the bank has acknowledged it should have disclosed an additional 97 accounts at the time, according to the DOJ. In 2016, UBP agreed to...

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