US requests Swiss help in UBS probe

The United States authorities have asked the Swiss government for help in an investigation into cross border services provided by the bank UBS.

This content was published on June 15, 2008 - 14:22

Switzerland is examining whether it can assist in the request, said Folco Galli of the Swiss federal prosecutor's office on Sunday. Further details of the request have not been released.

The US Department of Justice and the financial regulatory body, the Securities and Exchange Commission, are investigating services provided by Swiss-based UBS staff to American clients between 2000 and 2007 and whether the bank itself helped clients evade taxes.

A former UBS executive is due to appear before a court in Florida on Thursday charged with conspiring to defraud the US by helping wealthy clients hide assets and evade taxes.

Switzerland negotiated a deal with the US in 2001 that allowed its banks to manage the wealth of American clients on US soil only if they named such individuals to the tax authorities.

UBS says it is cooperating with investigations and will address any issues raised.

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