UBS will give U.S. authorities the names of about 5,000 wealthy Americans suspected of using the Swiss bank to evade taxes under a deal that will be formalized this week, a U.S. legal source has revealed. The source, who asked not to be identified because he was not authorized to discuss the agreement, said it was due to be announced jointly by the Swiss and U.S. governments today, said Reuters. The deal ends a long-running legal dispute between Swiss and U.S. negotiators over access to the names of American clients of UBS suspected of using secret accounts at the bank to conceal assets and dodge U.S. taxes. The source said the deal settling the dispute, which was finally agreed upon in Washington last week, would involve the disclosure to U.S. authorities of roughly 4,500 to 5,000 names of American clients of UBS, substantially less than the 52,000 names the United States originally hoped it could force the bank to disclose through a lawsuit.
UBS to Supply U.S with 5,000 Names
An agreement with the United States and Swiss governments will have UBS disclose account information for 5,000 of its clients.
August 18, 2009