The United States authorities have indicted an American client of Swiss banking giant UBS and Basel’s cantonal bank.
The case sheds new light on the role of a major Swiss cantonal bank in enabling tax evasion by Americans.
A naturalized US citizen born in Iran was charged late on Tuesday with fraud and conspiracy by federal prosecutors in Fort Lauderdale, Florida.
The charges against the San Francisco resident refer to his accounts at UBS and at “a cantonal bank wholly owned by canton Basel City”, which is Basler Kantonalbank, according to public records.
The US authorities are cracking down on tax evasion by wealthy Americans involving Swiss banks.
The latest indictment underscores cooperation provided to US authorities by a former senior UBS private banker who worked at UBS from 1995 to 2008, and last month received five months’ probation from a Florida federal judge after being charged with conspiracy.
His role is significant because he disclosed to federal prosecutors for the first time the importance of Swiss cantonal banks, including Basel’s, in helping Americans to evade taxes.