American UBS clients may face criminal charges: report (Reuters)

Group of Rich Americans Sues UBS to Keep Names Secret in Tax Case

(Reuters) - The U.S.

Mild-mannered Republican senator Olympia Snowe threw down the gauntlet to the Swiss government today, warning that if it doesn't cooperate on bank secrecy, American taxpayer dollars should not be allowed to flow to the country's largest banking establishment, UBS. Snowe, speaking at an emotional Senate Finance Committee hearing, urged the Treasury Department to track its cash flow to make sure that money AIG is paying to clients is not going to "banks that promote tax evasion."

(Reuters) - The U.S.

Reuters - The U.S. Justice Department may drop a legal case aimed at forcing UBS AG to reveal the names of 52,000 wealthy American clients suspected of offshore tax evasion, the New York Times said, citing a United States official briefed on the matter.

Royal Bank of Scotland Group saw 1.3-billion pounds (US$2.1-billion) wiped off its value on Tuesday following a report that it could face criminal charges as part of an impending settlement over its role in a global interest rate rigging scandal. The Wall Street Journal reported that U.S. authorities were pushing RBS to accept criminal charges as part of a settlement which will see it fined up to 500-million pounds for the attempted manipulation of the London interbank lending rate (Libor) and other benchmark interest rates.

ATHENS — Greece’s drive to crack down on flagrant tax evaders such as doctors and lawyers is flagging and must be reinvigorated, a report by the European Union and International Monetary Fund said on Monday. Athens has collected just half the tax debts and conducted less than half the audits it was supposed to under the targets set by its lenders, according to a survey by the country’s international lenders which was compiled in November.