- The Washington Times - Thursday, February 19, 2009

The world became smaller Wednesday for American citizens seeking to hide money in Swiss bank accounts.

Banking giant UBS AG, Switzerland’s largest bank, agreed to pay $780 million dollars to settle accusations that it helped U.S. customers hide money from the IRS.

In what the Justice Department described as an unprecedented move, UBS agreed to provide the names of up to 20,000 American customers who sought to avoid paying taxes by keeping secret accounts.

According to court records, those U.S. customers had assets that totaled about $20 billion.

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