FT: Swiss minister combats US name drive - Spear's Magazine

FT: Swiss minister combats US name drive

Switzerland’s justice minister will on Monday meet her US counterpart in a crucial week in UBS’s efforts to fight attempts to reveal to US authorities more names of rich American clients with undeclared accounts.

From the Financial Times:

Switzerland’s justice minister will on Monday meet her US counterpart in a crucial week in UBS’s efforts to fight attempts to reveal to US authorities more names of rich American clients with undeclared accounts.

Eveline Widmer-Schlumpf’s meeting with Eric Holder, the new US attorney-general, comes amid belated attempts by Bern to counter the impact of the US legal onslaught against Switzerland’s biggest bank and, more broadly, hallowed bank secrecy.

Swiss government officials declined to disclose the agenda of the meeting. But the tribulations of UBS, which last month agreed a $780m deal with the US Department of Justice to settle criminal charges about its private banking activities, were expected to be prominent.

Although the criminal case has been settled, the world’s biggest wealth manager still faces a civil action as the US Internal Revenue Service presses ahead with demands for information about 52,000 accounts allegedly held by US citizens.

To read the full article, visit ft.com
 



 

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