WBrief: UBS may testify against clients - Spear's Magazine

WBrief: UBS may testify against clients

Swiss media reports that a secret agreement has been reached between UBS and the US authorities under which the firm will testify against its US clients if they plead not guilty to tax evasion.

Swiss media reports that a secret agreement has been reached between UBS and the US authorities under which the firm will testify against its US clients if they plead not guilty to tax evasion.

The bank delivered the details of around 250 clients in February last year as part of a settlement of a criminal case and promised to provide information on some 4,450 further clients in a separate, civil case – actions recently ruled illegal by the Federal Tribunal. The promise is allegedly contained in a letter known as Annex E to the deferred prosecution agreement of 18 February and was understood to have been signed by UBS on 16 February.

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