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Swiss pair indicted in tax probe Swiss pair indicted in tax probe
(about 6 hours later)
A Swiss banker and lawyer have been indicted by the US Justice Department on charges they helped wealthy Americans evade taxes.A Swiss banker and lawyer have been indicted by the US Justice Department on charges they helped wealthy Americans evade taxes.
The allegations relate to banker Hansreudi Schumacher, who has now been sacked by employer Neue Zuercher bank, and lawyer Matthias Rickenbach.The allegations relate to banker Hansreudi Schumacher, who has now been sacked by employer Neue Zuercher bank, and lawyer Matthias Rickenbach.
The indictments are part of a tax probe in the US, centred on UBS bank.The indictments are part of a tax probe in the US, centred on UBS bank.
Later on Friday, former UBS banker Bradley Birkenfeld will be sentenced for a fraud conspiracy conviction. Meanwhile, former UBS banker Bradley Birkenfeld has been sentenced to 40 months in prison for fraud conspiracy.
Mr Schumacher worked for UBS in the late 1990s and left the bank in 2002 to join Neue Zuercher private bank. Mr Birkenfeld admitted last year that he helped a US client hide $200m (£121m) in assets from the US authorities to avoid paying tax.
"This is another step in our ongoing effort to pursue hidden offshore assets, not matter where they are located," said Internal Revenue Service Commissioner Doug Shulman. He has since provided information to the investigation of UBS's private banking business.
Tax dealTax deal
Mr Schumacher worked for UBS in the late 1990s and left the bank in 2002 to join Neue Zuercher private bank.
"This is another step in our ongoing effort to pursue hidden offshore assets, no matter where they are located," said Internal Revenue Service Commissioner Doug Shulman.
Last Thursday, the US and Switzerland agreed a deal to end a tax evasion dispute surrounding UBS's US customers.Last Thursday, the US and Switzerland agreed a deal to end a tax evasion dispute surrounding UBS's US customers.
The deal between the US and Swiss governments brought to an end months of legal wrangling.The deal between the US and Swiss governments brought to an end months of legal wrangling.
UBS will now give the US tax authorities the details of 4,450 Swiss bank accounts of US citizens.UBS will now give the US tax authorities the details of 4,450 Swiss bank accounts of US citizens.
The US Justice Department had been originally seeking the names of 52,000 US customers with Swiss accounts.The US Justice Department had been originally seeking the names of 52,000 US customers with Swiss accounts.
In February, UBS admitted to tax fraud in the US and agreed to pay $780m (£467m) as part of a provisional deal to settle charges that it helped thousands of US clients use Swiss bank accounts to evade taxes. In February, UBS admitted to tax fraud in the US and agreed to pay $780m as part of a provisional deal to settle charges that it helped thousands of US clients use Swiss bank accounts to evade taxes.
The topic of secrecy around Swiss banks has long concerned governments worldwide, who see it as a haven for those who seek to avoid taxes.The topic of secrecy around Swiss banks has long concerned governments worldwide, who see it as a haven for those who seek to avoid taxes.