Eideard

An official of the Swiss bank UBS announced that it was halting its offshore banking services for US citizens after it came under scathing criticism for facilitating massive tax evasion.

The official, Mark Branson, also said the bank is cooperating with the US government to identify US clients who might have committed tax fraud.

Branson told the Senate Permanent Subcommittee of Investigation that the bank “genuinely regrets” failures in complying with US regulations and will stop offering offshore banking to Americans.

You were caught, suckers!

“That means UBS will no longer provide offshore banking and securities services to US residents through its bank branches. Such services will only be provided to residents of this country through companies licensed in the United States,” he said.

In addition, he added, “we are working with the US government to identify the names of US clients who may have engaged in tax fraud.”

That’s the quid pro quo. “We’ll turn over our clients. We’re good boys, now. Let us go free!”