Reuters, 24 Nov 2008, Ajay Kamalakaran
(Reuters) - Some wealthy clients of UBS AG are coming forward to make amends with U.S. tax authorities after a former UBS private banker was indicted, a sign that U.S. efforts to battle offshore tax evasion are having the desired effect, the Wall Street Journal reported on its website.
UBS said it did not comment on market speculation and rumor, when asked about the report by Reuters.
The UBS clients are hiring tax lawyers and pursuing amnesty through an Internal Revenue Service (IRS) voluntary disclosure program, the paper said.
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