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November 29, 2013updated 04 Apr 2017 2:41pm

Former UBS executive agrees to extradition to US

Raoul Weil, a former UBS wealth management boss, has agreed to be extradited to the US to face trial for allegedly helping rich Americans dodge taxes via secret Swiss bank accounts.

By Verdict Staff

Raoul Weil, a former UBS wealth management boss, has agreed to be extradited to the US to face trial for allegedly helping rich Americans dodge taxes via secret Swiss bank accounts.

Weil, who used to be the third-highest ranked executive at UBS, was arrested in October while holidaying in Bologna in Italy.

In early 2009, US authorities issued an international arrest warrant for Weil, for allegedly conspiring to help 17,000 American clients of Swiss bank UBS avoid taxes.

"Mr Weil agreed to extradition to the US because he has always been prepared to confront these charges," said Weil’s lawyer, Aaron R Marcu of Freshfields Bruckhaus Deringer in New York told Reuters.

Also in 2009, UBS paid a US$780 million settlement for its role in abetting tax evasion and handed over the names of 4,450 US clients in a deal that presaged a wider European and US crackdown on the country’s bank secrecy.

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