News, Do you have a Swiss-based bank account? (lawsuit, pay, tax return)

[John1960]

Suit seeks information on as many as 52,000 U.S. customers


BERN, Switzerland - Federal authorities have filed a lawsuit against Swiss-based bank UBS AG seeking the identities of tens of thousands of U.S. customers.

The suit filed in Miami Thursday seeks to force the firm to turn over information on as many as 52,000 U.S. customers who hid their accounts from the U.S. government in violation of tax laws.

Feds want UBS to divulge slew of U.S. clients - World business- msnbc.com

[Jaggy001]

Actually, UBS has agreed to do this as well as to pay a huge fine.

UBS has closed the bank accounts of US domiciled clients where that account was outside the USA. I know, I was one of them, a legacy from when I worked over in Switzerland.

By law, you have to declare foreign bank accounts every year as well as declare any interest and tax paid on your tax return. If you did this - and I did - then there is absolutely nothing to worry about.