 UBS
Cuts Offshore
Banking for US
Citizens
The Wall Street
Journal reports that
UBS will close
private-banking
operations for U.S.
clients:
A UBS AG executive
told a U.S. Senate
panel that the Swiss
company will shutter
its private-banking
services that have
served U.S. clients
from Switzerland.
"That means UBS will
no longer provide
offshore banking or
securities services
to U.S. residents
through our bank
branches," said Mark
Branson, chief
financial officer of
UBS Global Wealth
Management and
Business Banking.
Earlier today, ABC
News reported that
Senator Carl Levin
was talking tough
again on private
banking and tax
havens:
Federal regulators
should consider
revoking the US
banking license of
the giant Swiss Bank
UBS because of its
role in helping
wealthy Americans
evade billions of
dollars in taxes,
Sen. Carl Levin
(D-MI) told ABC News
today.
"I don't think that
any bank that goes
to the extent that
UBS has gone through
to avoid doing what
their agreements
with the United
States require them
to do, should be
allowed to continue
to do business
unless they clean up
their act," Levin
said.
----
Gambling911.com News
Wire
Originally published
July 17, 2008 3:49
pm EST
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