Financial Regulatory Forum

ANALYSIS-Pressure mounts on Swiss private banks

By Reuters Staff
February 2, 2010

By Lisa Jucca and Rupert Pretterklieber

ZURICH, Feb 2 (Reuters) – Swiss private bankers say attacks on the country’s treasured bank secrecy law turned 2009 into an “annus horribilis.”

Swiss minister sees economic risk in U.S. tax dispute over UBS, shares fall

By Reuters Staff
February 1, 2010

By Lisa Jucca

ZURICH, Feb 1 (Reuters) -¬†Shares in UBS AG fell to a 6-1/2 month low on Monday after the justice minister underscored the risk to the Swiss economy should the bank’s settlement of a U.S. tax dispute unravel.

Switzerland, France settle dispute over tax records

By Reuters Staff
January 27, 2010

DAVOS, Switzerland, Jan 27 (Reuters) – Switzerland and France settled a row over stolen bank records on Wednesday that was blocking a treaty aimed at helping Paris catch tax cheats.

Swiss government moves to save UBS tax deal

By Reuters Staff
January 27, 2010

BERNE, Jan 27 (Reuters) – The Swiss government is to talk to the U.S. authorities in a bid to resolve a legal impasse that has threatened to derail a key tax deal over UBS client data, it said on Wednesday.

UBS client wins Swiss appeal against data handover, tax deal in question

By Reuters Staff
January 22, 2010

ZURICH, Jan 22 (Reuters) – A client of Swiss bank UBS won an appeal to prevent her account data being handed over to U.S. authorities as part of a deal to give details on 4,450 clients to the U.S. taxman, a court said.

UBS won’t sue its former executives on subprime, U.S. tax

December 15, 2009

By Emma Thomasson

ZURICH, Dec 15 (Reuters) – UBS AG will not sue its former bosses after risky bets on subprime mortgages and a strategy of helping U.S. clients dodge taxes by hiding money in secret accounts brought the Swiss bank to its knees.

Experts say US tax disclosure bill could deter foreign capital

By Reuters Staff
November 5, 2009

By Karey Wutkowski
WASHINGTON, Nov 5 (Reuters) – Tax experts on Thursday raised concerns that pending U.S. legislation to ramp up disclosure of offshore accounts could scare away foreign capital.

Swiss hunt Italian agents as tax row deepens

By Reuters Staff
October 29, 2009

ROME, Oct 29 (Reuters) – A row between Italy and Switzerland over tax evasion deepened on Thursday with one Swiss region launching a hunt for Italian agents trespassing on its soil as Rome warned against retaliation for its raids on Swiss banks.

U.S. serves tax probe subpoenas in NY area

By Reuters Staff
October 29, 2009

By Kim Dixon
WASHINGTON, Oct 28 (Reuters) – The U.S. government has served subpoenas on wealthy individuals in recent days in the New York area, targeting those who may have evaded taxes using offshore accounts at Swiss bank UBS AG, lawyers said on Wednesday.

Swiss call in Italian envoy to explain bank raids

By Reuters Staff
October 28, 2009

ZURICH, Oct 28 (Reuters) – Switzerland has summoned the Italian ambassador to demand an explanation of raids by police and tax inspectors on dozens of Swiss banks in Italy, the Swiss Foreign Ministry said on Wednesday.