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US and Switzerland settle accounts over UBS

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US and Switzerland settle accounts over UBS

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The US and Switzerland have struck a deal to settle a tax evasion dispute surrounding customers of Swiss bank UBS.

The banking giant has agreed to give the US authorities information on about 4,500 client accounts. Switzerland hopes it will end a saga that has been dogging its financial reputation. Minister of Foreign Affairs Micheline Calmy-Rey said: ‘‘We’ve avoided a legal dispute between Switzerland and the US. General conditions for the Swiss financial centre have been stabilised and we been able to solve a problem which threatened UBS.’‘ Originally US tax inspectors asked for the details of 52,000 clients suspected of tax evasion. The dispute posed a major challenge to UBS as well as Switzerland’s highly prized banking secrecy.