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UBS may reveal U.S. clients’ names in probe: report

080606_ubs.jpgUBS AG is considering whether to reveal the names of up to 20,000 wealthy American clients as federal authorities intensify an investigation into offshore bank accounts, the New York Times said on Friday, citing people close to the inquiry. Federal investigators believe some clients may have used offshore accounts to hide as much as $20 billion in assets from the Internal Revenue Service, enabling them to evade at least $300 million in federal income taxes, the newspaper said, citing a government official connected with the investigation. A spokesman for UBS declined to comment on the report and said the bank’s position had not changed. Image Source: blogs.chron.com. > Continue.

News selected by Covalence | Country: USA | Company: UBS | Source: Reuters

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