Contrary to what several people have claimed following the unveiling of a deal between the IRS and Swiss tax haven UBS, the bank has released a report stating that the American accountholders in UBS were certainly “not just harmless victims.” In actuality, UBS has stated that its accountholders were well aware of what they were perpetrating.
 
UBS also stated that any legal cases brought on against any of its bankers has not and will not affect the bank in any way. Switzerland has long held its bank secrecy as one of the crown jewels of its economic system, but the acceptance …read more

Switzerland’s president, hand-Rudolf Merz has asked United States officials to drop a lawsuit that’s seeking to make Swiss bank USB to turn over information about 52,000 of its American clients. Under Swiss law, disclosing bank client names is a criminal offense. The Justice Department wants the names because of suspected tax evasion.
Swiss officials instead hope to negotiate new tax laws that would fix current United States tax problems in the future. Swizterland and the United States hope to begin negotiating a new treaty on Tuesday that would allow for information disclosure, since the current treaty from 1996 doesn’t require such …read more