Government Wants Information On Thousands Of Accounts

08.19.09 | FL News Team

(Miami, FL) -- The government is looking for information on more than four-thousand bank accounts as part of the tax dispute agreement involving Swiss bank UBS.  It's part of the settlement between the American and Swiss governments reached today ending the legal proceedings.  The U.S. government dropped its lawsuit against UBS, but the settlement forces the bank to disclose the names of thousands of wealthy Americans suspected of tax evasion.

Washington had accused UBS of helping wealthy Americans hide assets for the purpose of evading taxes.  Industry watchers say the case has big implications not just for Switzerland, but for the entire offshore banking industry.  It's estimated Swiss private banks manage around two-trillion dollars of foreign wealth.