[valiumnopresc]

http://www.theaustralian.news.com.au...0-2702,00.html

Taxman tantalised as Swiss bank UBS opens up




AUSTRALIAN tax officials are expected to closely examine a landmark $US780 million ($1.2billion) settlement between Swiss banking giant UBS and US authorities over tax fraud, in which the bank has agreed to hand over the names of about 250 wealthy account holders.

In a conspiracy spanning seven years, the bank admitted employees made covert missions to the US and helped customers create accounts in the names of offshore companies to avoid paying tax. It is unclear whether any Australians are included in the list.

The release of the information marks the first time Swiss regulators have allowed a bank to reveal the identity of account holders, breaking centuries of banking tradition.

The Australian Taxation Office would not comment. But tax experts said it would undoubtedly seek information from US authorities, and examine whether the bank had engaged in similar fraud in Australia.

The agreement to pay $US780 million and hand over the names settles the criminal investigation against the bank, but a civil case remains open.