U.S. Seeks to Dismiss UBS Criminal Tax Evasion Case

The U.S. Department of Justice is seeking to dismiss a criminal prosecution against UBS AG that led to the Swiss bank paying a $780 million penalty and admitting it helped wealthy U.S. clients evade taxes.

In a filing on Friday in the U.S. district court in Fort Lauderdale, Florida, prosecutors said UBS has complied with an 18-month agreement to defer prosecution, after helping roughly 17,000 clients with $20 billion of assets hide their accounts from the Internal Revenue Service.'

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