US taxman turns sights on Wegelin's American clients

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The Independent Online

The US Internal Revenue Service (IRS) is to go after Americans suspected of hiding their income in the now-defunct Swiss bank Wegelin after a judge authorised the taxman to seek records from UBS.

The US authorities allege that UBS was used by Wegelin – the oldest of Switzerland's private banks – to handle for funds for American clients.

Wegelin shut down earlier this month after pleading guilty in the US to accusations of helping Americans dodge taxes.

Now, Manhattan Judge William Pauley has granted an IRS request to seek US records related to a UBS account used by Wegelin when dealing with funds for US clients.