UBS won’t be allowed by gov’t to release names

Days before the trial in the US of UBS clients believed to have evaded their taxes through the Swiss bank, the Swiss government is quick to hold its position on the need to maintain bank secrecy and say they will not allow the bank to release the names of as much as 52,000 clients, given it is in breach of Swiss law.

From WSJ:

“Switzerland makes it perfectly clear that Swiss law prohibits UBS from complying with a possible order by the court in Miami to hand over the client information,” the Swiss Justice Ministry said. “On the basis of the Federal Council’s landmark decision, UBS will by no means be in a position to comply with such an order.”

The Finance Ministry added that “all the necessary measures should be taken to prevent UBS from handing over the information on the 52,000 account holders demanded in the U.S. civil proceeding.”

Read the rest HERE.

The bank has already paid out $780 million in settlement with the US DoJ following the release of 52 client names.  Settlement for this bigger case is expected to cost as much as $4.6bn.

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