Financial Transparency Coalition

Wealthy U.S. citizens using a tax-evasion amnesty program have identified nearly 10 Swiss and European banks where their accounts are held, opening new fronts in the Internal Revenue Service's probe into potential tax crimes, according to people familiar with the situation.

UBS AG will hand over some 4,450 names of U.S. account holders as part of a U.S.-Swiss tax-evasion settlement and investigation that could produce in total 10,000 account identities, according to people familiar with the situation.

The Wall Street Journal is reporting that the landmark settlement in the UBS legal battle will require the Swiss banking giant to disclose information on 4450 individuals resulting in the disclosure of information on 10,000 of the 52,000 American accounts held by the bank. It is additionally being reported that UBS will not be paying a fine. From the WSJ:

UBS AG will hand over some 4,450 names of U.S. account holders as part of a U.S.-Swiss tax-evasion settlement and investigation that could produce in total 10,000 account identities, according to people...