Share |

Talks stall further in UBS/US tax case

Despite having reached an agreement in principle over the main issues in the US/UBS tax evasion case, the two parties may still go to court as they are unable to agree on legal details, delaying an overall agreement.

Judge Alan Gold will ask the two today if they have reached an acceptable deal and if not the case will go to trial as early as next month.

This news comes just a day after the UK government reached an agreement with the government of Liechtenstein, also intended to crack down on tax evasion. The deal aims to encourage British clients with secret accounts in Lichtenstein to declare any untaxed money they have.

The protracted dispute between the Swiss bank and the US Department of Justice began in February when the DoJ sued UBS and demanded it handover the details of 52,000 American UBS clients, including wealthy families, who hold offshore accounts in Switzerland.

At the height of the debate the Swiss government announced it was considering seizing UBS banking records rather than allowing the US government to access them. According to a Swiss statement in early July, revealing the names would violate Swiss banking law. (Click here to read out coverage of the story)

The full details of the agreement in principle, reached earlier this month, have still not been revealed and offshore account holders wait expectantly to see if the DoJ will be granted access to their private accounts. (Click hear to read our pervious coverage of the case)

Want to get the latest family business news direct to your
desktop? Click here and register to receive our weekly newsletter.

Click here >>