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  1. Wealth
January 10, 2010

WBrief: UBS data handover illegal, Swiss court says

By Spear's

The order last February by the Swiss financial regulator to make UBS hand over client data to the US authorities has been declared unlawful by a Swiss court, a move that throws the account transfer agreement into potential disarray.

The order last February by the Swiss financial regulator to make UBS hand over client data to the US authorities has been declared unlawful by a Swiss court, a move that throws the account transfer agreement into potential disarray.

The ruling was issued by the Federal Administrative Court, Finma said in a statement on its website.

Finma, the Swiss financial regulator, told the Zurich-listed banking and wealth management firm to surrender client data comprising 250 accounts to the US authorities, as part of a criminal case in which UBS admitted helping wealthy US clients evade taxes. At the time, UBS agreed to pay a $780 million fine to settle criminal charges.

To read the full story, visit wealthbriefing.com

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