UBS to divulge 4450 account names, more coming [View All]

[The Hope Mobile]

Source: AP

By STEPHEN OHLEMACHER and DEVLIN BARRETT, Associated Press Writers Stephen Ohlemacher And Devlin Barrett, Associated Press Writers – Wed Aug 19, 10:27 am ET

WASHINGTON – Swiss banking giant UBS AG agreed Wednesday to turn over to the IRS the details of 4,450 accounts suspected of holding undeclared assets by American customers, ending an intense trans-Atlantic legal fight.

IRS Commissioner Doug Shulman said the accounts held $18 billion in assets at one time. Many have since been closed, he said.

The deal will give the Internal Revenue Service thousands of long-sought account names, and is expected to provide even more UBS clients who voluntarily disclose their financial details to the agency, Shulman said.

UBS has an estimated 52,000 accounts of U.S. customers. The IRS chief said the 4,450 accounts being relinquished to the agency were the ones most suspected of containing undeclared assets.

"I believe this agreement gives us what we wanted — access to information about those UBS accountholders most likely to have been involved in offshore tax evasion," Shulman said.

He said that other account holders appear to be in compliance with U.S. tax laws.

Read more: http://news.yahoo.com/s/ap/20090819/ap_on_bi_ge/us_ubs_secrets;_ylt=Atd2Rh2PbnDWJLtUftFq_DNa24cA;_ylu=X3oDMTJocjY2M3FpBGFzc2V0A2FwLzIwMDkwODE5L3VzX3Vic19zZWNyZXRzBGNwb3MDNARwb3MDNARzZWMDeW5fdG9wX3N0b3JpZXMEc2xrA3N3aXNzYmFua3Rvcg--

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4450 out of 52,000 at this bank alone.

Cheney, Rumsfeld, Condi, Poppy . . . I wish . . .