Ubs, Swiss Banks | featured news

The former chief executive of American International Group Inc, Maurice "Hank" Greenberg, reached a deal to sell most of the shares he holds in the insurer to a unit of Swiss bank UBS.

The Internal Revenue Service on Tuesday disclosed the criteria being used by the Swiss banking giant UBS to select names of American clients that will be turned over to the agency as part of a settlement of a tax evasion case.

Swiss bank UBS AG warned U.S. customers by registered mail their account details may be given to U.S. tax authorities, a method that could itself breach secrecy laws, a Swiss paper said on Sunday.

Faced with a Thursday midnight deadline to avoid possible prosecution, more than 7,500 Americans have come clean about secret foreign bank accounts, a senior IRS official said in an interview for broadcast tonight on "ABC World News with Charles Gibson."

The government says it expects to turn a profit of more than $900 million after helping to rescue the troubled bank.

U.S. regulators will receive the names as part of an investigation of Americans avoiding taxes through the use of offshore accounts.

U.S. authorities are criminally investigating more than 150 Americans suspected of having concealed income and assets at Swiss bank UBS, in violation of U.S. tax laws, according to a filing on Tuesday in a federal court.

Reuters - Switzerland's UBS will not have to pay a fine as part of the settlement of a tax evasion dispute with the United States, two Swiss newspapers reported on Sunday.

U.S. has been seeking data on depositors suspected of using UBS bank accounts to hide cash from IRS.

The U.S. and Swiss governments and banking giant UBS AG indicated Sunday they were seeking a settlement and asked a federal judge ...