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Second, UBS is working with the US Government to identify the names of US clients who may have engaged in tax fraud. Client identity is generally protected from disclosure under Swiss law. But such privacy protections do not apply when disclosure of client names is requested in connection with an investigation of tax fraud and where the requests are presented to the Swiss government through established legal channels. UBS will fully support and assist that process. At the hearing Branson also pointed out that the cross-border business under the QI Agreement was – and is – entirely legal in both Switzerland and the United States. Indeed, the QI expressly contemplated that US citizens could access bank accounts in Switzerland and other countries without providing a form W-9, as long as they held no US securities. Branson: "Unless or until those rules are changed, that is the framework with which we and other banks must comply." Last year, in order to respond to the ongoing investigations of the US Department of Justice and the SEC, UBS launched a comprehensive internal investigation into its cross-border business with US customers. Branson: "We did have detailed written policies that prohibited our employees from engaging in some of the conduct that our internal investigation has uncovered, such as assisting in the creation of sham offshore companies to defraud tax authorities. While our own review is not complete, it is apparent now, that our controls and supervision were inadequate. UBS is committed to taking both corrective and disciplinary measures." The full statement of Mark Branson can be found on UBS's website at www.ubs.com/media. UBS UBS is one of the world’s leading financial firms, serving a discerning international client base. Its business, global in scale, is focused on growth. As an integrated firm, UBS creates added value for clients by drawing on the combined resources and expertise of all its businesses. UBS is the leading global wealth manager, a leading global investment banking and securities firm, and one of the largest global asset managers. In Switzerland, UBS is the market leader in retail and commercial banking. UBS is present in all major financial centers worldwide. It has offices in 50 countries, with about 38% of its employees working in the Americas, 33% in Switzerland, 16% in the rest of Europe and 13% in Asia Pacific. UBS employs more than 80,000 people around the world. Its shares are listed on the Swiss Stock Exchange (SWX), the New York Stock Exchange (NYSE) and the Tokyo Stock Exchange (TSE). © Copyright by StamfordPlus.com. Some articles and pictures posted on our website, as indicated by their bylines, were submitted as press releases and do not necessarily reflect the position and opinion of StamfordPlus.com, Stamford Plus magazine, Canaiden LLC or any of its associated entities. Articles may have been edited for brevity and grammar. Related Articles: J. Crew and Yankee Candle company come to Stamford mall - Sep 20, 2008 - 11:38 AM Silver Hill Hospital hosts weekly psychiatry radio program - Sep 19, 2008 - 8:57 AM From Danbury to Stamford, United Way of Western CT takes regional aim at lack of affordable housing - Sep 18, 2008 - 2:53 PM UBS says costs of closing out LEH exposures below $300m - Sep 17, 2008 - 7:29 AM 11,000 years along the Housatonic River: The archaeology of Native Americans in the Northwest Hills - Sep 15, 2008 - 8:53 PM CURRENT HEADLINES: Top of Page
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