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Swiss Cabinet meets to discuss UBS

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Swiss Cabinet meets to discuss UBS


Switzerland’s seven member Cabinet has been meeting in special session to review the case of the global Swiss bank UBS, accused by America of enabling US tax evaders.

The Swiss government is refusing to reveal what went on during the talks but economic analysts believe Switzerland is close to giving-in to US demands to hand over details of American clients’ accounts. The case centres on the US Internal Revenue Service’s attempts to obtain the identities of some 52,000 account holders so the revenue collector can investigate alleged off-shore tax evasion by UBS clients. Bank executives and the Swiss government have been holding out, citing strict Swiss bank privacy laws. But lawyers concerned with the case now believe UBS will agree to hand over up to 10,000 account holders’ identities. The bank has until Wednesday to reach a deal with the IRS which will then have to be approved by a Miami district judge.

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