November 6, 2009 - Phil Hodgen

The criteria for disclosing UBS customers

Thanks to someone who will remain nameless, here is an article showing the criteria by which the IRS queried UBS for names of American customers:

In German

The Google Translate version follows:


The American tax authorities are not only the data from UBS tell customers, but also those of the participating Swiss asset manager. Whether UBS employees or not.


It was a closely guarded state secret. Now, the “Sunday makes” transparent criteria by which 4450 data of American bank UBS clients to the Internal Revenue Service (IRS) will be handed out. As a concerned customer confirms shall hand over the “Sunday”, the Swiss Federal Tax Administration to the U.S. from the customer if the following criteria are met:

● 1 Delivered, all data from living in America customers (technical term U.S. persons) who at least once from 2001 to 2008 more than one million francs on an undeclared account (non-technical term had W-9) and for which a “reasonable suspicion of fraud or similar “exists.

● 2nd Data will be delivered by “U.S. persons”, wherever they reside, if they are economically justified with an account of so-called offshore company were. These data were already partially delivered last February. New down as well Liechtenstein foundations underneath. Here, too, must be a “reasonable suspicion of fraud or the like” are available.

A “reasonable suspicion of fraud or similar” for non-declared accounts of living in America, U.S. persons (case 1) is available in the following cases: the case of activities as they are to build a “so-called building lies” necessary or the submission of non – correctly or incorrectly completed documents. This is the classic form of fraud. In this case, customers are concerned their property during the relevant period under one million francs, but at least it was once over 250 000 francs.

As the “same” as the major so-called tax evasion is under Swiss law. That must be achieved during three years on an income of 100 000 francs, and not the U.S. have been reported. At least one of these income must fall within the period between 2001 and 2008.

In case 2 is for example used to Liechtenstein foundations. For their beneficial owners in the case of fraud is also a lower limit of 250 000 francs. As a heavy tax revenues are again of 100 000 francs for three years, with at least one from 2001 to 2008, qualified.

The Americans will be delivered to the knife not only customers but also their environment. If the above-mentioned categories met, the following documents must be provided:

● All account information about the American UBS clients. Including details of who was at best signatory asset managers.

● The correspondence between the bank and the customer concerned.

● Internal data related to U.S. customers, and where available, consistent with their agents.

● Internal UBS communications and memoranda and reports, all information on existing accounts that do not fall under the above criteria. Everything will be delivered on paper or electronic data.

This meant that Switzerland also provides asset managers and customer advisors, whether at the UBS hired or not, from the American justice system. The IRS reserves the right to explicitly use all data obtained for future legal proceedings.

The IRS has already done in several cases, and Swiss wealth managers were indicted in the U.S. and issued for the arrest for acts that were committed in Switzerland, under Swiss law are perfectly legal.

These Konrad Hummler private banker: “It’s just the curse of the evil deed – namely that they wanted to save the UBS inder present form, including a subsidiary in the USA -: Our authorities have thus become recipients of orders. Whatever you do in the future, we must not let ourselves be cornering! ”

Voluntary Disclosure