U.S. panel ups pressure on UBS, Swiss tax havens

By Kevin Drawbaugh, Reuters.com

Congressional investigators ratcheted up the pressure on UBS AG Thursday in a probe of its links to Americans who use Swiss bank accounts to avoid paying federal taxes.

The Senate Permanent Subcommittee on Investigations said it would hold a hearing Feb. 24 on government efforts to get the names of thousands of UBS’ American clients.

The hearing — the latest step in a long-running probe — will focus on the tax-collecting Internal Revenue Service’s request to UBS for more information about Americans’ accounts.

UBS pledged in July, at an earlier hearing, to cooperate with investigators in the matter, the committee said in a statement obtained by Reuters.

“But to date, virtually none of the requested information has been provided to either the IRS or the U.S. Department of Justice, which is also examining the matter,” it said.

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