Swiss Secrets?

" Tonight in another major fraud case involving thousands of Americans. Just today after the Swiss banking giant UBS agreed to pay 780 million dollars in fines. The bank giving US government the names of some 250 once secret American account holders. They gave the names and now the feds want war. UBS helping or accused now helping wealthy Americans avoid paying some taxes by setting up accounts and hiding them from the Internal Revenue Service. Now the IRS is demanding the names of thousands more Americans now keep this in mind. Today's move is considered so unprecedented because under law base in Switzerland cannot reveal the identities of its customers. But the secret may soon be out Tracy -- from fox business network is live in our newsroom what more do we know about these UBS customers Tracy. Was --"

" Your right and an analyst with the count right now is in panic mode but as far as CBS accounts now we're looking at about. Twenty billion dollars that was potentially sheltered that equates to about 300 million dollars in tax revenue that the virus never received. Now we're also told based on reports that potentially UBS told its clients to be very very careful. Don't show off the things that you purchased with the money you've saved. Useless credit cards keep you can be very careful what you do -- they knew the iris eventually which -- now as for keeping these names secret. UBS is trying its darnedest to keep them all private what's the latest there. Right and you have every right to do that this is all part of the process right the government comes in -- the names UBS says no way we're not going to give YouTube because as you said its 52000. People were thinking now. Now goes to court. And the courts decide what they will not just American -- follow an under American law you have to tell all. Or because it wasn't Switzerland do they stay under Swiss slumped rights. And the airport they maintain their privacy if you're one of those 52000. Americans what you're supposed to do. You know what this is going to come to I had the iris probably will prevail -- this and get the list so it's -- one of them in the -- of go to your -- and amend your tax returns pay any tax that you did not -- look if you're a US citizen and you earned money. No matter where is your world you owe tax to uncle Sam here in the states so do the right thing Golan and and -- you avoid potentially criminal charges down the road. Either way you gonna owe the tax interest and penalties but if you week for the courts to decide the penalties could be a lot worse Tracy -- from fox business."