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US rich list feels the chill as UBS surrenders

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US rich list feels the chill as UBS surrenders


The US and the Swiss bank UBS have agreed to settle their long-running dispute over the names of wealthy Americans with accounts at the bank.

When finalized, the agreement means that thousands of names of US citizens suspected of using their Swiss acounts to conceal assets and evade taxes will be disclosed to Washington. UBS is the world’s second-largest wealth manager. Private banks in Switzerland manage around one and a half trillion Euros in foreign wealth. By reaching a compromise the two sides have averted a courtroom showdown in Miami. US Department of Justice tax sources say the case against UBS would be dropped when a final settlement is in place. The case had strained relations between the US and Switzerland because it challenged renowned Swiss bank secrecy laws.

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