Tax-evaders take note

US Justice Department reaches a deal with UBS to disclose names of Americans suspected of tax evasion

On Wednesday, the US Justice Department and the Internal Revenue Service finalized an agreement with Swiss bank UBS in which the bank will give up the names and account details of more than 4,450 wealthy Americans suspected of tax evasion. The settlement is a big step forward for federal prosecutors and tax investigators who believe UBS sells tax evasion services to tens of thousands of rich Americans. In the coming weeks, UBS will notify the clients whose names are to be disclosed. To avoid prosecution and steeper fines, the clients still have time to reveal themselves before a voluntary disclosure program ends in late September.

The New York Times

Looking for more?

Get the Best of Maclean's sent straight to your inbox. Sign up for news, commentary and analysis.