Swiss Banks to Maintain Secrecy
The Swiss take pride in their banking secrecy even as the U.S. tried to crack down on tax dodgers. U.S. authorities have demanded information on some 52,000 account holders at UBS, the largest of the Swiss banks. The Swiss government, however, maintains that it is illegal for UBS to hand over client information.
The dispute has been ongoing. Switzerland and U.S. authorities have clashed over the demand for information that could reveal the names of Americans attempting to evade tax. UBS has already paid a $780 million fine and disclosed hundreds of client names to prevent criminal charges.
Most recently, the case moved to a Miami court where the demand for additional client information is being heard. The U.S. maintains that Swiss banking secrecy is not a valid excuse for UBS to help U.S. citizens dodge taxes. The Swiss government has, however, agreed to redraft its tax treaties.