Friday, July 18, 2008

UBS apologizes, promises not to help U.S. residents with off-shore banking services

In an effort to repair UBS's damaged reputation, a senior executive of the Swiss bank apologized for any misconduct by the bank that might have occurred in helping wealthy Americans avoid taxes through off-shore accounts and said the bank would no longer offer off-shore banking services to U.S. residents.

At a hearing before the Senate permanent subcommittee on investigations, subcommittee members said they probably would consider legislation to deal with the problem of tax evasion through off-shore tax havens.

To read published accounts of the hearing, see Reuters, The New York Times or The Wall Street Journal.