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Switzerland Vows To Block U.S. Authorities’ Demand For Private Bank Account Data

Posted By admin On July 8, 2009 @ 4:20 am In Featured Stories,Money Watch | Comments Disabled

CNBC [1]
Wednesday, July 8, 2009

Switzerland has vowed to prevent UBS from handing over client information to U.S authorities, in an attempt to defend bank secrecy, saying a tax case targeting its main bank is souring diplomatic ties.

Wealth management giant UBS is facing a court hearing in Miami next week after refusing to disclose data on 52,000 Americans holders of secret Swiss bank accounts to U.S. tax authorities.

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Switzerland Vows To Block U.S. Authorities Demand For Private Bank Account Data 250509BANNER [2]

The Swiss Justice Ministry said on Wednesday that Swiss law prevents UBS from handing over client information and the government would seize UBS client data, if necessary, to stop that happening. The case, which comes amid a global fight against tax cheats supported by the U.S. administration, has damaged the UBS brand and could result in an expensive settlement for the bank at a time when the bank needs to focus on restructuring.

“Switzerland will use its legal authority to ensure that the bank cannot be pressured to transmit the information illegally, including if necessary by issuing an order taking effective control of the data at UBS,” the Swiss government said in a response to U.S. authorities filed in Miami on Tuesday.

Full story here. [1]


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URLs in this post:

[1] CNBC: http://www.cnbc.com/id/31792983

[2] Image: http://prisonplanet.tv/signup.html

[3] Swiss spy agency warns U.S., Britain about huge data leak: http://www.prisonplanet.com/swiss-spy-agency-warns-u-s-britain-about-huge-data-leak.html

[4] Pan-European Bank Run Is Now On: Capital Flight From UK To Switzerland, As GBPCHF Intervention Strikes Next: http://www.prisonplanet.com/pan-european-bank-run-is-now-on-capital-flight-from-uk-to-switzerland-as-gbpchf-intervention-strikes-next.html

[5] Swiss re-arrest ex-banker for giving data to WikiLeaks: http://www.prisonplanet.com/swiss-re-arrest-ex-banker-for-giving-data-to-wikileaks.html

[6] Swiss to supply bank information to U.S.: report: http://www.prisonplanet.com/swiss-to-supply-bank-information-to-u-s-report.html

[7] Swiss Whistleblower to Hand Bank Data to WikiLeaks: http://www.prisonplanet.com/swiss-whistleblower-to-hand-bank-data-to-wikileaks.html

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