Reuters: Swiss court refuses to rule on client handover - Spear's Magazine

Reuters: Swiss court refuses to rule on client handover

ZURICH, June 26 (Reuters) – A Swiss court declined on Friday to rule on an application by three U.S. clients of UBS to stop their details from being handed over to the United States in any deal with Switzerland over a U.S. tax probe into UBS.

ZURICH, June 26 (Reuters) – A Swiss court declined on Friday to rule on an application by three U.S. clients of UBS to stop their details from being handed over to the United States in any deal with Switzerland over a U.S. tax probe into UBS.

The New York Times reported earlier this week that the U.S. Justice Department could drop the government’s case against UBS (UBSN.VX: Quote, Profile, Research) (UBS.N: Quote, Profile, Research) to enforce an Internal Revenue Service (IRS) summons to identify its customers and could involve the Swiss government passing on details of UBS clients who had filed legal cases in Swiss courts contesting the U.S. summons.

Without citing its sources, the newspaper said this could get around strict Swiss bank secrecy laws as it would involve handing over court papers rather than private banking information.

To read the full article, visit reuters.com



 

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