UBS has said it is closing the offshore accounts of its American clients. But under the deal with the United States authorities, the bank must provide periodic written evidence of that to prosecutors. UBS earned $200 million annually from the business.
Prosecutors suspect that from late 2002 to 2007, UBS helped American clients illegallyhide $20 billion, letting them evade $300 million a year in taxes.
he bank admitted conspiring todefraud the Internal Revenue Service and agreed to pay $780 million to settle a sweeping federal investigation into its activities.
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