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  1. Wealth
April 20, 2009

UBS to abandon undeclared accounts

By Spear's

UBS wants to give up accounts for undeclared cash from clients originating from the European Union, Sonntagszeitung newspaper said in a report.

UBS wants to give up accounts for undeclared cash from clients originating from the European Union, Sonntagszeitung newspaper said in a report.

Scaling back on the controversial accounts would be the most radical move so far by UBS in moves to curb its offshore business. The news follows its decision to exit the offshore business for US clients in the wake of a major investigation by the US authorities into the use of such accounts for tax evasion.

The paper, citing a high-ranked UBS manager, said the bank would separate out untaxed assets and try to get rid of them.

A UBS spokeswoman declined to comment, beyond noting that the bank is already “assessing our cross-border business.

“Sonntagszeitung claimed UBS clients from Germany, France, Britain and other EU countries would be moved to special units. They would no longer receive visits nor advice via telephone or email. Only a minimal service in Switzerland would be retained.

Last week, UBS reported it experienced outflows of SwFr23 billion in its wealth management and Swiss banking business in the first quarter.

For further details, visit thewealthnet

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