Funds News

US Senate delays tax haven hearing over UBS-paper

ZURICH, Feb 22 (Reuters) - The U.S. Senate Permanent Subcommittee on Investigations has delayed a hearing on tax haven banks and a bid to get details of U.S. clients with Swiss accounts after a settlement this week with UBS UBSN.VXUBS.N.

Switzerland’s Sonntagszeitung newspaper said the hearing had been delayed to allow the events of the last week to be “digested”, according to an unnamed source.

The Senate committee’s website said the hearing had been rescheduled to March 4 from Feb. 24, without giving reasons.

UBS, Switzerland’s biggest bank, agreed on Wednesday to pay a $780 million fine and hand over some client names to settle U.S. criminal charges that it helped rich Americans dodge taxes.

But U.S. tax authorities said on Thursday they were still pursuing a civil case seeking access to 52,000 more names of U.S. citizens it says are hiding assets in secret Swiss bank accounts. [ID:nN19534438]

Earlier this month, the panel said the hearing would focus, in part, on a summons served by the Internal Revenue Service on UBS.

The hearing will mark the next step in a long-running probe by the committee into offshore tax havens. (Reporting by Emma Thomasson; Editing by Erica Billingham)