So much for the vaunted secrecy of Swiss banks. Looks like UBS will shut down a lot of Swiss accounts held for Americans, in the wake of allegations that it helped Americans illegally avoid taxes. The Washington Post reports that the move will essentially out some American clients, exposing their tax avoidance methods. Lawyers tell the Post that clients can either take extraordinary steps to hide assets again--or they can "come clean." The U.S. government, as part of its investigation, has been pressuring the Swiss bank to disclose its American clients. UBS sent clients a letter recommending that they consult advisors about filing amended returns via the IRS's Voluntary Disclosure Program.

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