UNDERNEWS

Undernews is the online report of the Progressive Review, edited by Sam Smith, who covered Washington during all or part of one quarter of America's presidencies and edited alternative journals since 1964. The Review has been on the web since 1995. See main page for full contents

August 19, 2009

SWISS TO TURN OVER NAMES OF U.S. TAX FUDGERS IN BANK

Reuters - Switzerland has agreed to reveal the names of about 4,450 wealthy American clients of UBS AG to U.S. authorities in a tax dispute settlement that pierces Swiss banking secrecy and now threatens to spill over to other banks. The deal promises to end years of investigation and uncertainty for UBS, which announced later on Wednesday that the Swiss government was exiting the stake it had taken to aid the bank during the financial crisis. With Switzerland's famed banking secrecy under fire, the Swiss have also agreed to process requests by the United States seeking information from banks besides UBS about account holders suspected of evading U.S. taxes.

0 Comments:

Post a Comment

<< Home