Swiss Banking Giant to Release Account Names to IRS
Switzerland may no longer be the banking destination of choice anymore for those seeking financial secrecy. On Wednesday, UBS AG agreed to disclose information to the US Government for more than 4,000 accounts. These accounts are supposedly holding undeclared assets of American citizens, and the IRS wants to know more about them. There is a short-term 6-month amnesty program in place that started in March, offering those with overseas accounts reduced penalties for having undeclared assets as long as they come forward themselves – before the IRS requests their account information, and receives it, from UBS.
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