Swiss law that prevents UBS from disclosing confidential client information spurs with US Justice Department demand to hand over names of tax evaders
Fred Day
Jul. 1, 2008

UBS is in trouble. The Justice Department is seeking to force UBS AG to turn over the names of wealthy U.S. clients who allegedly used the giant Swiss bank to avoid taxes.

UBS is not ready to do so. A Swiss law that protects clients from unapproved disclosure of their account details also binds them.

the whole world is watching the precedent setting case between US Authority’s demand of the names of rich tax evaders and the Swiss law that protects their privacy.

"We are prepared to seek enforcement if that process is not successful," said John A. DiCicco, deputy assistant attorney general for the Justice Department's Tax Division.

According to UBS, it takes this matter very seriously and is working diligently with both Swiss and U.S. government authorities, consistent with Swiss law and the legal frameworks for intergovernmental cooperation and assistance.

Sources say, UBS have requested the Swiss Government intervention.

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