Financial Regulatory Forum

Swiss will block UBS handing over data to US

July 8, 2009

   ZURICH, July 8 (Reuters) – Switzerland will prevent Swiss bank UBS <UBSN.VX> from handing over bank client information to U.S. tax authorities, which would breach Swiss law, the Justice Ministry said on Wednesday.
   U.S. authorities have asked UBS to hand over information on 52,000 Americans holders of secret bank accounts in Switzerland suspected of dodging U.S. taxes.
   A court hearing on the case starts in Miami on July 13.
   “Swiss law prohibits UBS from complying with a possible order by the court in Miami to hand over the client information,” the Swiss justice ministry said in a reply to the U.S. authorities posted on its website.
   “All the necessary measures should be taken to prevent UBS from handing over the information on the 52,000 account holders demanded in the U.S. civil proceeding.”
   (Reporting by Lisa Jucca and Sven Egenter; editing by John Stonestreet)
   ((Zurich newsroom +41 58 306 7336, fax 41 44 251 0476, zurich.newsroom@news.reuters.com))
 Keywords: UBS/US 
  
Wednesday, 08 July 2009 08:30:34RTRS [nL8497355 ] {C}ENDS

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