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American courts convicted Wegelin & Co. of money-laundering and tax evasion, and accordingly the bank's correspondent account held by UBS AG in Connecticut was fined $16 million by the federal courts. The bank argued that it only had branches in Switzerland, not the United States, and was, therefore subject only to Swiss law.
When foreign clients deposit holdings into a Swiss bank account, the bank is legally prohibited from disclosing balances or client information to tax authorities. [158] This prohibition can only be waived if the client has produced a written statement of consent or a financial crime has been directly linked to the bank account. [ 158 ]
Bradley Charles Birkenfeld (born February 26, 1965) is an American private banker, convicted felon, and whistleblower.During the mid- to late-2000s, he made a series of disclosures about UBS Group AG clients, in violation of Swiss banking secrecy laws, to the U.S. government alleging possible tax evasion.
When opening a Swiss bank account, Americans have to file an FBAR form with the IRS that discloses the assets. Back when the "international man of mystery" concept of the Swiss bank account holder ...
UBS Group AG building in St. Gallen.UBS maintains strict banking secrecy practices which have been used to facilitate tax evasion. The Swiss investment bank and financial services company, UBS Group AG, has been at the center of numerous tax evasion and avoidance investigations undertaken by U.S., French, German, Israeli, and Belgian tax authorities as a consequence of their strict banking ...
The personal loan is offered exclusively online to private individuals with a permanent employment contract, Swiss residence and an account with a Swiss bank. [ 52 ] [ 53 ] In August 2024, Postfinance became a shareholder in the mortgage market platform Credit Exchange AG (CredEx) and was also given a seat on the board of directors of the ...
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