Data From 500 Bank Accounts Sent to U.S.
FINANCIAL PRIVACY—U.S. & SWITZERLANDJune 14, 2010
Following on the lower house of Switzerland's parliament's decision to reject an agreement to hand over banking information to the U.S., Reuters reports that Swiss authorities have already handed over 500 accounts of UBS clients "under an agreement to end a tax dispute that has threatened the bank's existence." Citing information published in Swiss newspaper Sonntag, the report states that while Swiss bank secrecy law usually prohibits the transfer of account details to foreign authorities, the 500 clients had signed waivers allowing their accounts to be handed over to the U.S. "Client dossiers were transferred to the United States in around 500 of the 2,900 cases," said Thomas Brueckner, a spokesman for the Swiss tax office. (Registration may be required to access this story.)