Statements (104)
| Predicate | Object |
|---|---|
| gptkbp:instance_of |
gptkb:legal_case
|
| gptkbp:aftermath |
influence on future cases
increased compliance costs for banks impact on financial regulations impact on cross-border banking operations changes in banking practices enhanced due diligence requirements legal reforms in Switzerland changes in client advisory practices enhanced IRS enforcement actions greater awareness of tax obligations greater emphasis on ethical banking practices greater focus on compliance training greater scrutiny of offshore accounts impact on U. S.-Swiss relations impact on financial technology solutions impact on global banking industry increased audits of foreign accounts increased collaboration between tax authorities increased demand for tax advisory services increased international cooperation on tax matters increased pressure on tax havens increased use of data analytics in compliance influence on international tax policy discussions reform of banking secrecy laws shift in client behavior shift in wealth management strategies |
| gptkbp:case_number |
09-cv-2040
|
| gptkbp:case_outcome |
UBS must disclose client information
|
| gptkbp:consequences |
increased transparency requirements
|
| gptkbp:court |
gptkb:Southern_District_of_New_York
gptkb:United_States gptkb:UBS_AG |
| gptkbp:date_of_settlement |
August 2009
|
| gptkbp:date_settled |
2009-02-18
|
| gptkbp:decided_by |
gptkb:United_States_District_Court
|
| gptkbp:financial_penalties |
fines and restitution
|
| https://www.w3.org/2000/01/rdf-schema#label |
United States v. UBS AG
|
| gptkbp:impact |
banking regulations
increased scrutiny of Swiss banks |
| gptkbp:influenced_by |
U. S.-Swiss tax treaty negotiations
|
| gptkbp:involved_parties |
gptkb:Swiss_government
gptkb:IRS UBS clients Swiss Federal Tax Administration U. S. Internal Revenue Service |
| gptkbp:involves |
gptkb:United_States
gptkb:United_States_government gptkb:UBS_AG |
| gptkbp:judges |
Judge Jed S. Rakoff
|
| gptkbp:jurisdiction |
gptkb:United_States_federal_law
federal jurisdiction |
| gptkbp:legal_issue |
tax evasion
|
| gptkbp:legal_outcome |
regulatory changes
settlement agreement cooperation with authorities disclosure requirements monitoring compliance reputation damage increased scrutiny impact on international relations international banking standards fines imposed impact on financial regulations impact on legal precedents impact on tax policy impact on investor confidence impact on financial markets impact on financial transparency increased penalties client confidentiality issues enhanced compliance measures impact on whistleblower protections tax information exchange impact on compliance culture client disclosures impact on Swiss banking laws impact on banking practices impact on cross-border banking impact on multinational corporations impact on tax treaties |
| gptkbp:legal_representation |
gptkb:Davis_Polk_&_Wardwell_LLP
law firms Skadden, Arps, Slate, Meagher & Flom LLP |
| gptkbp:legislation |
gptkb:Foreign_Account_Tax_Compliance_Act_(FATCA)
|
| gptkbp:major_city |
$780 million
payment of fines cooperation with U. S. authorities disclosure of account information |
| gptkbp:media_coverage |
extensive
high-profile case |
| gptkbp:outcome |
gptkb:Roman_settlement
|
| gptkbp:precedent |
international tax compliance
tax compliance cases |
| gptkbp:public_reaction |
controversial
|
| gptkbp:publication_year |
2008-07-01
|
| gptkbp:related_cases |
gptkb:United_States_v._HSBC
gptkb:United_States_v._Deutsche_Bank gptkb:United_States_v._Credit_Suisse |
| gptkbp:related_to |
IRS investigations
Swiss banking secrecy laws |
| gptkbp:significance |
foreign bank compliance
highlighted tax evasion issues |
| gptkbp:year |
gptkb:2009
|