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swiss banking laws

UBS to hand over account holders to US government

August 20, 2009

UBS has been forced to reveal the names of 4,450 wealthy Americans who hold offshore accounts in Switzerland in order to settle a dispute between the bank and the US government.

UBS has been forced to reveal the names of 4,450 wealthy Americans who hold offshore accounts in Switzerland in order to settle a dispute between the bank and the US government.

This is the final instalment in an ongoing dispute and marks a triumph for the US government's attempts to crack down on tax evasion. The account details must be handed over to US tax investigators within the next 12 months.

Talks stall further in UBS/US tax case

August 12, 2009

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.

Swiss and US governments reach agreement in principle

August 3, 2009

Switzerland and the US reached an agreement on Friday over the long-running tax evasion case between the US government and UBS.

Details of the settlement have not yet been disclosed but US media reports suggest UBS will be forced to reveal the names of thousands of private banking clients, including wealthy families, who hold offshore accounts in Switzerland.

Switzerland to prevent the disclosure of UBS clients

July 9, 2009

The Swiss government announced yesterday it would seize UBS banking records rather than allow the US government to access the identities of 52,000 American UBS account holders, who include wealthy families.