U.S. DoJ Dismisses Summons Case After UBS Produces Singapore-Based Documents

(RTTNews) - UBS AG (UBS) has complied with an Internal Revenue Service (IRS) summons for bank records held in its Singapore office, the U.S. Justice Department said. Because UBS has now produced all Singapore-based records responsive to the request and the IRS determined that UBS complied with the summons, the Justice Department has voluntarily dismissed its summons enforcement action against the bank.

The IRS served an administrative summons on UBS for records pertaining to accounts held by Ching-Ye "Henry" Hsiaw. According to the petition, the IRS needed the records in order to determine Hsiaw's federal income tax liabilities for the years 2006 through 2011. Hsiaw transferred funds from a Switzerland-based account with UBS to the UBS Singapore branch in 2002, according to the declaration of a revenue agent filed at the same time as the petition. UBS refused to produce the records, and the United States filed its petition to enforce the summons.