Ex-UBS Client Must Give Tax Records to U.S. Grand Jurors
This article is for subscribers only.
A former UBS AG client can’t assert his constitutional right against self-incrimination to avoid turning over his bank records to a U.S. grand jury, a federal appeals court ruled in a victory for prosecutors in their crackdown on offshore tax evasion.
The client, identified only as M.H., must produce records sought by a federal grand jury in San Diego, according to the U.S. Court of Appeals based in San Francisco. A three-judge panel rejected M.H.’s argument that the Constitution protects him from being a witness against himself, saying the Fifth Amendment privilege doesn’t cover foreign bank accounts records.