Swiss investment bank UBS plans to stop offering offshore banking to U.S. residents after the bank was questioned about its clients' tax avoidance practices at a Senate hearing.
At a Senate Permanent Subcommittee on Investigations hearing on tax haven banks and U.S. tax compliance, UBS Global Wealth Management and Business Banking CFO Mark Branson said the bank is working with U.S. authorities to identify the names of U.S. clients who may have engaged in tax fraud (see Levin Calls for Closing Down UBS).
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