“UBS AG got into trouble with the IRS and Justice Department, launched thousands of voluntary disclosures to the IRS, and changed bank secrecy forever. Eventually, the Swiss Parliament passed a measure enabling banks to hand over client identities to American authorities without violating Swiss bank-secrecy laws. After getting bruised in court battles with the IRS, in 2009, UBS paid $780 million to settle charges that it helped wealthy Americans evade taxes.
Now, UBS faces more of the same, this time over whether UBS helped Americans evade taxes through investments banned in the U.S. This déjà vu comes at an awkward time, as banks everywhere are reeling with FATCA compliance. Meanwhile, U.S. account holders the world over are scrambling to comply to their banks, and ultimately to the IRS.”
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