Some of the secrets of Switzerland’s biggest bank were put on display on Tuesday as federal authorities indicted a former UBS banker on charges of helping a wealthy American real estate developer evade taxes.
The indictment is part of a widening federal investigation into whether UBS, one of the world’s largest money managers for the wealthy, helped certain clients evade taxes, and it suggests that American authorities are stepping up scrutiny of offshore tax transactions. The inquiry focuses on UBS’s private bank based in Zurich, which does much of its business through Liechtenstein.
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