UBS, Bank of America, Spitzer, Goldman Sachs: Compliance
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U.S. prosecutors won a victory in their crackdown on offshore tax evasion when a federal appeals court said a former UBS AG client must turn over his bank records to a U.S. grand jury.
The client, identified only as M.H., must produce records sought by a federal grand jury in San Diego, according to the 9th U.S. Circuit Court of Appeals. A three-judge panel rejected M.H.’s constitutional argument that the Fifth Amendment right against self-incrimination should cover records on foreign bank accounts.