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Latest Banking in Switzerland Stories

2010-04-12 09:12:00

NEW YORK, April 12 /PRNewswire-USNewswire/ -- WhoWhatWhy.com reports exclusively today on the web of interests revealed by President Obama's choice of a golfing partner during a vacation last summer. In a lengthy investigative article, WhoWhatWhy editor-in-chief Russ Baker explores the president's decision to golf with Robert Wolf, the U.S. head of UBS, a controversial Swiss bank which had just paid hundreds of millions of dollars to settle charges it helped wealthy Americans evade taxes...

2010-02-23 05:18:00

LONDON, Feb. 23 /PRNewswire/ -- While the days of James Bond-style numbered Swiss bank accounts may be over, the world of discreet private banking and offshore wealth management is growing apace as financial uncertainty continues to make people seek safe havens. Despite highly-publicized government crackdowns on tax evasion around the world during the past year, more billions are headed for offshore banks and tax havens than ever before - with good reason, and it's all completely legal....

2009-10-15 02:08:00

TEANECK, N.J., Oct. 15 /PRNewswire-FirstCall/ -- Cognizant (Nasdaq: CTSH), a leading provider of consulting, technology, and business process outsourcing services, today announced a definitive agreement to acquire UBS India Service Centre Private Limited (UBS ISC), the Hyderabad, India-based captive service provider to the UBS Group. As part of the transaction, UBS and Cognizant have entered into a multi-year services agreement under which Cognizant will provide a range of business...

2009-10-05 10:25:03

Several states have joined the U.S. government in granting time-limited leniency for taxpayers who have hidden funds in offshore bank accounts. The IRS program, sparked by a legal battle with Swiss bank UBS, has prompted more than 3,000 taxpayers to step forward to reveal their offshore holdings, USA Today reported Monday. UBS has agreed this year to forward the names of thousands of its U.S. clients. Earlier, the bank agreed to pay $780 million in restitution to the U.S. government for...

2009-09-21 09:59:53

A government official said the IRS will extend amnesty until Oct. 22 for U.S. tax evaders with overseas accounts who hope to avoid prosecution. The original deadline for those with hidden assets overseas to voluntarily step forward to avoid prosecution was Wednesday, Sept. 23, The New York Times reported Monday. The deadline was set after Swiss bank UBS said it would reveal the names of 4,450 U.S. clients with assets hidden from the IRS. The bank paid a $780 million fine after admitting it...

2009-08-20 14:22:26

The U.S. Justice Department has charged a banker and a lawyer from Switzerland with conspiring to help wealthy Americans hide assets from the IRS. Papers filed in a U.S. District Court in Fort Lauderdale, Fla., charge a director of NZB Neue Zurcher Bank of Zurich Hansruedi Schumacher and attorney Matthias Rickenbach with helping clients obtain offshore credit cards and create sham loan documents. The charges claim Schumacher and Rickenbach helped clients disguise funds to make them look like...

2009-08-19 15:35:27

UBS has agreed to reveal names of 4,450 wealthy U.S. clients suspected of hiding $18 billion in assets in the Swiss bank, the U.S. Justice Department said. The department suspects 52,000 accounts at the Swiss bank are hiding assets from the Internal Revenue Service, but IRS Commissioner Douglas Shulman said Wednesday these are the accounts we most wanted, The New York Times reported. Publicity has prompted others to step forward. With the new names more than 10,000 accounts hiding assets will...

2009-08-15 14:11:39

A California man has agreed to plead guilty to stashing at least $1 million in a Swiss bank without paying U.S. taxes, federal prosecutors said. Businessman John McCarthy of Malibu is the first person to be prosecuted under an agreement with the Swiss government to reveal the names of customers of UBS AG bank, the Los Angeles Times reported Saturday. The Internal Revenue Service is seeking the names of an estimated 52,000 U.S. residents who deposited money in secret accounts as a tax dodge....

2009-08-15 09:37:19

UBS Ag has become a liability for the Swiss government as the United States pressures it to relax its strict banking secrecy laws, analysts say. Details of this week's settlement between the U.S. Internal Revenue Service seeking to track down assets of tax evaders and the huge and privacy-oriented Swiss bank have been slow to leak out. However, no matter what they are, the bank has become a political drag on Swiss officials, the Swiss Broadcasting Corp. reported. As we've seen with the...


Word of the Day
call-note
  • The call or cry of a bird or other animal to its mate or its young.
'Call-note' is newer than 'bird-call,' which originally referred to 'an instrument for imitating the note of birds' but now also refers to 'the song or cry of a bird.'
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