UBS may close offshore accounts

US clients of Swiss bank UBS will be blocked from accessing secret accounts unless they transfer their money onshore or close the account, sources said yesterday. The bank is moving to exit its offshore services for American clients amid accusations from the US authorities that the bank helps its citizens hide their money from the taxman. UBS has paid the US government $780m (£474m) to avoid criminal charges but is still facing a civil lawsuit from the Internal Revenue Service, which wants it to give up information on 52,000 American clients.