Finally, UBS, government deal announced

August 19, 2009 | By Jim Kim

There was quite a build-up to this piece of news: UBS has agreed to turn over to the IRS details of 4,450 accounts, which hold around $418 billion. The account holders are suspected of tax evasion, and some will likely join the handful of American UBS clients who are now being prosecuted. Of course more than 52,000 American had accounts at the Swiss giant.

There may be a lot of people with smaller accounts who will likely get away with tax fraud, but such is life. I wonder if any big names will crop up on the list. It may be a while before we know. Account holders to be given up will be notified before the IRS gets their names. These people will be able to appeal before Switzerland's Federal Administrative Court--a month-long process.

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