Bradley Associates, Swiss tell the US that it will not let UBS give out client data.
(I-Newswire) July 28, 2009 - Switzerland government has said that it will stop any data from UBS being handed over to the American authorities. The Swiss are firm on the...
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Bradley Associates, Swiss tell the US that it will not let UBS give out client data.
(I-Newswire) July 28, 2009 - Switzerland government has said that it will stop any data from UBS being handed over to the American authorities. The Swiss are firm on the stance that no client data will be handed over to the US.
UBS the wealth management giant was told by the courts to hand over client data to see who was evading tax in the US. They have a court hearing in the US this coming Monday as they refused to give the US authorities the data that they wanted.
The Swiss are keen to keep its secrecy laws in tact and the Swiss judiciary have come out and said that it would be against their laws if UBS gave the US authorities the data.
Bradley Associates analysts believe that this stance is causing tension between the two governments and diplomatic ties are now being tested. The US is keen to tackle the rich who evade tax, but the Swiss banking system has built its reputation on secrecy
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