Just weeks after reaching a settlement with the U.S. government, Switzerland’s largest bank UBS AG is running into even more problems. This time reports suggest that American taxpayers used illegal bank accounts and fake businesses in Hong Kong to avoid reporting their income. Check out the following story from the Wall Street Journal.
The U.S. crackdown on clients of UBS AG is widening into a global hunt, with the government detailing in court documents how the Swiss bank and outside advisers helped Americans hide money using enterprises set up in Hong Kong.