UBS to detail some U.S. accounts, others face scrutiny

Jason Rhodes and Kim Dixon
Reuters
Wednesday, August 19, 2009

BERNE/WASHINGTON (Reuters) – Switzerland will hand over details of about 4,450 UBS AG bank accounts to U.S. authorities, settling a tax dispute that has threatened Swiss banking secrecy, the two governments said on Wednesday.

The Swiss government has also agreed to review and process requests by the United States seeking information from Swiss banks besides UBS about account holders who may have tried to evade U.S. taxes, the U.S. government said.

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“This announcement today should send a signal – no matter

what institution you’re with, the IRS is willing to pursue both the institution and the individual,” Internal Revenue Service commissioner Doug Shulman told reporters.

Full story here.

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