Financial Regulatory Forum

US, UBS have initialled deal in tax dispute-attorney

August 12, 2009

UBS/TAX    MIAMI, Aug 12 (Reuters) – The U.S. government and Swiss bank UBS AG <UBSN.VX><UBS.N> have initialled agreements to settle their tax evasion dispute, a U.S. government attorney said on Wednesday, ending weeks of tough negotiations between the two sides.

Swiss in fresh push for UBS tax settlement

August 11, 2009

Swiss in fresh push for UBS tax settlement
UBS/TAX   By Lisa Jucca
   ZURICH, Aug 11 (Reuters) – Switzerland is striving to settle a long-running tax evasion dispute between UBS and the U.S. government that challenges Swiss banking secrecy before a key pre-trial conference on Wednesday.

U.S. and UBS reach breakthrough deal in tax dispute

July 31, 2009

USA/ MIAMI, July 31 (Reuters) – The United States and Swiss bank UBS AG have struck a deal to settle their dispute over tax evasion and bank secrecy, backing off from an escalating standoff that had threatened to damage ties between the two countries.

Swiss clinch deal as it seeks to shed tax haven label

July 23, 2009

ZURICH, July 23 (Reuters) – Switzerland’s Finance Ministry said on Thursday that on drafting an agreement with Finland it had brought to 12 the number of tax deals initialled in efforts to be removed from an international “grey list” of tax-havens. (more…)

Swiss minister to meet Clinton ahead of UBS deadline

July 20, 2009

U.S. Secretary of State Hillary Clinton    By Emma Thomasson
   ZURICH, July 19 (Reuters) – The Swiss foreign minister is due to meet U.S. Secretary of State Hillary Clinton on July 31, just days before a deadline to reach a settlement in a damaging U.S. tax case against UBS.

Switzerland nears removal from tax haven “gray list”

July 15, 2009

ZURICH, July 15 (Reuters) – Switzerland said on Wednesday it had agreed a new tax treaty with Austria, bringing the total of tax deals to 11 and leaving it only one step away from being removed from an OECD list of tax havens. (more…)

UBS data transfer to U.S. possible – Swiss judge

July 14, 2009

UBS attorneys By Lisa Jucca, European Wealth Management Correspondent

ZURICH, July 14 (Reuters) – Swiss bank UBS  could transfer client data to the United States and end a damaging tax litigation without breaching Swiss bank secrecy laws, a top Swiss judge told Reuters on Tuesday. (more…)

Gruebel: UBS cannot comply with U.S. request-source

July 10, 2009

   By Ajay Kamalakaran
   BANGALORE, July 10 (Reuters) – UBS cannot comply with a U.S. request to disclose the identity of 52,000 U.S. secret account holders, the bank’s chief executive Oswald Gruebel said in an internal memorandum, according to a source familiar with the situation.

Judge asks if US govt would shut UBS in tax fight

July 9, 2009

By Lisa Jucca and Tom Brown

ZURICH/MIAMI, July 8 (Reuters) – A judge ordered the U.S. government to say whether it was prepared to shut Swiss bank UBS AG in the United States as part of a battle to learn the identity of 52,000 secret accounts suspected of being used by Americans to avoid taxes. (more…)

Tax treaty with U.S. may hinge on UBS deal – Swiss minister

July 8, 2009

   By Gertrude Chavez-Dreyfuss and Steven C. Johnson
   NEW YORK, July 8 (Reuters) – The Swiss Parliament may not approve a double taxation treaty between Switzerland and the United States if the legal action against Swiss bank UBS is not resolved, Swiss minister of economic affairs Doris Leuthard said on Wednesday. (more…)