Daily DashboardEuropean Data Protection Digest

Bank Data Deal Coming Undone

FINANCIAL PRIVACY—U.S. & SWITZERLAND

June 9, 2010

A deal negotiated by the U.S. with Switzerland to gather information on Americans with holdings in Swiss bank UBS is on the verge of collapsing, The Washington Post reports. The lower house of Switzerland's parliament voted to prevent the country from turning over the names and financial information of as many as 4,450 Americans with undeclared accounts at UBS, following a ruling by a Swiss court that the deal was illegal. Lawmakers have voted to hold a public referendum on the question. In the U.S., Sen. Carl M. Levin (D-MI), who led a senate probe of UBS, said the U.S. should move forward with legal action and "force UBS to provide the names and account information..." (Registration may be required to access this story.)
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