Swiss banking giant UBS might release the names of clients caught up in US authorities’ investigation of its offshore business, the New York Times reports.
This would mean that the identity of up to 20,000 people – some of whom are alleged to have used UBS accounts in tax havens such as the small European nation of Lichtenstein to hide assets from the Internal Revenue Service (IRS) – is made public.
Citing unnamed sources, the report claimed that up to $20 billion has gone untaxed in this way, with the IRS missing out on a minimum of $300 million in income taxes.
Meanwhile, it is expected that former UBS banker Bradley Birkenfeld will provide further information on the alleged tax evasion by wealthy clients when he testifies in a Florida court next week.
Mr Birkenfeld, who has already pleaded guilty to helping one of his clients conceal $200 million, is thought to be prepared to reveal more about the bank’s offshore activities.
“He’s going to sing like a parakeet,” one of the banker’s former clients told the newspaper.