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UBS tax deal with US expected

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UBS tax deal with US expected

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A deal to settle the US tax case against the Swiss bank UBS could be sewn up today.

The agreement should help UBS to restore its image and will open the way for the Swiss state to sell its stake in the bank. UBS has agreed to hand over details of 5,000 client accounts to the US Justice Department. Originally, American tax inspectors asked for details of 52,000 clients suspected of tax evasion. The move against UBS clients was highly damaging to the bank’s reputation and was a major challenge to much cherished Swiss banking secrecy. The client accounts to be disclosed belong to people suspected of committing tax fraud under the double taxation agreement. This obliges Switzerland to provide help to Washington in a criminal investigation.