Another tax crimes prosecution involving foreign bank accounts ends in defeat for the Justice Department with the acquittal after only one hour of deliberation by a Florida jury in the trial of a former high level executive with UBS. Raoul Weill was the former head of the Global Wealth Management Unit of UBS. Mr. Weill was tried in federal court on an indictment alleging that he participated in a massive scheme to defraud the Internal Revenue Service (IRS) to help high net worth Americans to hide some $20 billion in offshore bank accounts. US taxpayers are required to file a form known as an FBAR (Report of Foreign Bank and Financial Accounts) with the Financial Crimes Enforcement Network (FinCEN) when they have financial interest in, signature authority, or other authority over one or more accounts in a foreign country, and the aggregate value of all such accounts exceeds $10,000 at any time in a year. The penalty for non-wilful failure to file an FBAR can reach up to $10,000 per violation Interviews with jurors following the verdict revealed that the government prosecutors failed to prove that Mr. Weill was aware of his subordinate’s criminal activities.