Swiss Bank Data Deal Moves Forward
FINANCIAL PRIVACY—SWITZERLAND & U.S.June 15, 2010
Switzerland's parliament has approved a deal with the U.S. that would require UBS to provide data on as many as 4,450 suspected U.S. tax evaders holding accounts with the bank, Deutsche Welle reports. The specific details of the agreement are still being reviewed, including whether a public referendum will be required before it becomes law. Final approval is expected to put an end to legal action by U.S. authorities, the report states. A transfer agreement between the U.S. and Switzerland governments had first been reached in 2009, but parliamentary approval was required after the Swiss Supreme Court questioned whether it was legal.