UBS to stop offshore banking for U.S. residents

Reuters reported today that UBS will no longer provide offshore banking and securities services to U.S. residents. They are also working with the U.S. government to identify U.S. clients who may have engaged in tax fraud. The full article can be read here.

Feds Press Swiss Bank To Name U.S. Clients

A developing Fleecing story from the WSJ online: See it here. Feds Press Swiss Bank To Name U.S. ClientsTax Officials Target An Alleged Dodge; UBS Caught in BindBy Evan Perez July 1, 2008