American clients of UBS turn themselves in

The big battle pitting American regulators against the vaunted Swiss banking giant UBS has taken an interesting turn. More American clients are voluntarily identifying themselves to the IRS, in hopes of winning leniency later on, reports USA Today. Recall that the government reached a deferred-prosecution deal that calls for UBS to pay $780 million to settle charges it helped American customers evade taxes.

The government also won an agreement that would disclose to them the customers who own 52,000 accounts, holding at least $14.8 billion. Among those coming forward are likely to be people who really weren't bent on a evading taxes--one elderly man said he feared for the future of the U.S. banking system--but there will likely be plenty who did. 

For more:
- here's the USA Today article

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