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February 23, 2009

WSJ: UBS would break law in revealing names to US

By Spear's

UBS AG said its employees would have to violate Swiss criminal law to comply with the U.S. government’s demand for the identities of 52,000 private account holders, in its first legal response to the demand in a massive U.S. tax-evasion inquiry.

UBS AG said its employees would have to violate Swiss criminal law to comply with the U.S. government’s demand for the identities of 52,000 private account holders, in its first legal response to the demand in a massive U.S. tax-evasion inquiry.

The U.S. court filing Friday threatens to draw both the U.S. and Swiss governments deeper into the already acrimonious showdown between the U.S. and UBS over the bank’s private-banking practices.

UBS argued in the filing that Swiss law “strictly prohibits UBS and its employees from disclosing to the [Internal Revenue Service] the account information located in Switzerland.” Instead, the bank said, the U.S. government’s petition “simply ignores the existence of Swiss law and sovereignty.”

To read the full article, visit wsj.com

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