Switzerland, US agree to deal on UBS
The US and Swiss governments have reached an agreement in the case against UBS over charges of tax fraud, a US government attorney said Wednesday.india Updated: Aug 13, 2009 13:59 IST
The US and Swiss governments have reached an agreement in the case against UBS over charges of tax fraud, a US government attorney said Wednesday.
During a conference call among UBS, Swiss and US government attorneys which the news media listened in on, one US attorney told Judge Alan Gold, of a Florida district court, that the deal was initialled and ready to be signed, but gave no further details.
The US is demanding information on 52,000 UBS clients in connection with a crackdown on tax evasion.
UBS admitted earlier this year its employees committed wrongdoings in relation to tax laws, and agreed to pay a $780-million fine and hand over data on some 250 accounts. The next day, the US slapped the bank with the lawsuit for further information on clients.
The Swiss government has said it would block a wholesale transfer of client data, as it would be a violation of the country's longstanding banking confidentiality laws.
In the weeks since the negotiations between the two governments began, reports in the Swiss media said Zurich-based UBS would end up having to hand over data on an unknown number clients but would not pay a fine.