Last summer’s landmark deal under which the Swiss and US governments agreed that UBS should transfer some client account details is in danger of collapsing following a court ruling. The Swiss government is expected to announce this week how it intends to revive the deal, media reports said.
Last summer’s landmark deal under which the Swiss and US governments agreed that UBS should transfer some client account details is in danger of collapsing following a court ruling. The Swiss government is expected to announce this week how it intends to revive the deal, media reports said.
In August, the Swiss government said that UBS should transfer the names of 4,450 wealthy US citizens to the US tax authorities, a move that represented a partial breach of the Alpine state’s historic bank secrecy laws. The agreement, which formed part of a civil case, came after UBS agreed, in a separate, criminal case, to pay a $780 million fine to the US to resolve charges that it helped US citizens evade tax.
The wrangling over client data transfer means that UBS, which may have hoped it had put the saga behind it and could focus on reviving its fortunes, faces the threat of continued, time-consuming litigation over the matter.
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