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UBS Switzerland threatens to inform on tax evaders

23 januari 2014

The Dutch daily newspaper, De Telegraaf, published a news report on 23 January 2014 stating that UBS, both in Switzerland and Luxembourg, had welcomed and helped hundreds of clients over past decades hide their undeclared savings there, but these clients had now been given their marching orders. The account holders are being told by the bank that they must either withdraw their undeclared savings in cash, or they must seek advice as to how they can come to a voluntary disclosure arrangement with the Dutch Tax Authorities.

In a statement made to De Telegraaf yesterday evening, a UBS spokesperson denied that UBS would inform on Dutch tax evaders. ‘If a customer fails to take measures then his account will be closed at the end of 2015.’