UBS ordered to release Swiss bank records to IRS

NEW YORK Authorities say a New York federal judge has authorized the Internal Revenue Service to require UBS (UBS) to produce records about U.S. taxpayers who may hold bank accounts in Switzerland to evade federal income taxes.

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Authorities say U.S. District Judge William H. Pauley III entered the order Monday. They say it authorizes the IRS to issue a summons to UBS about U.S. taxpayers who may hold accounts at the Swiss bank Wegelin & Co. and other Switzerland-based banks to escape taxes.

Wegelin pleaded guilty Jan. 3 to conspiring with U.S. taxpayers to hide more than $1.2 billion in secret Swiss bank accounts.

Wegelin has no U.S. branches and uses a UBS account, which is why the order applies to UBS.