Swiss Secrecy Surprise Holding

Were reports of the death of Swiss bank secrecy premature? Just when the Internal Revenue Service was ready to work on the 4,450 estimated names of U.S. taxpayers who had Swiss accounts with UBS bank, a Swiss federal administrative court ruled in late January 2010 that UBS could not disclose most of those names. Most observers had assumed that Switzerland would honor the settlement agreement signed

Were reports of the death of Swiss bank secrecy premature?

Just when the Internal Revenue Service was ready to work on the 4,450 estimated names of U.S. taxpayers who had “secret” Swiss accounts with UBS bank, a Swiss federal administrative court ruled in late January 2010 that UBS could not disclose most of those names.

Most observers had assumed that Switzerland would honor the settlement agreement signed on Aug. 19, 2009, between the United States and the Swiss Confederatio

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