Sen. Levin: Shut Down Giant Swiss Bank UBS

His former boss, Martin Liechti, head of UBS Wealth Management Americas International, was detained by authorities at the Miami airport in May. He is scheduled to testify at today's Senate hearing.

UBS is already under investigation by the IRS, the FBI, and the Securities and Exchange Commission, Levin said.

In a statement, UBS said it "has been working diligently with US and Swiss authorities" to provide information to US investigators.

The statement noted that information about tax fraud "is not protected by Swiss bank client confidentiality," suggesting it may turn over the names and account details of US citizens who had once been promised secrecy.

A UBS executive, Mark Branson, said the bank will no longer provide "undeclared" accounts to US citizens and is "winding down" its business involving already existing accounts.

"We now know that our program had failures and misconduct did occur," Branson said in describing what he said was a UBS internal review.

"We are committed to taking both corrective and disciplinary measures," the UBS executive said.

Levin said he was "skeptical' about claims from UBS and the Liechtenstein bank that they are changing their practices.

A spokesperson for the Liechtenstein embassy in Washington, D.C. said because it was still investigating the allegations raised in the hearing, "the Principality of Liechtenstein is not in a position to confirm specific allegations." (click here to read the embassy's full statement)

Levin called for passage of new laws to end tax haven abuses.

"Tax havens," said Levin, "are engaged in economic warfare against the United States and honest, hardworking American taxpayers."

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