UBS would be forced to break Swiss criminal law if it gave America's tax authorities the names of potential tax evaders, the Swiss bank warned today.
The bank was responding to a lawsuit filed in February by the Internal Revenue Service demanding that UBS hand over the names of 52,000 Americans with offshore accounts at the bank, reports The Times. UBS said that the lawsuit trampled on Switzerland's sovereignty by trying to force UBS to contravene its home country's strict banking secrecy laws. Full story...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
