US & Swiss Make Deal UBS Likely To Name Tax Evaders

August 12, 2009

Global (ChattahBox) – The U.S. and Swiss governments have allegedly come to a deal in the ongoing struggle between the IRS and Swiss bank UBS.

The IRS has long been trying to get UBS, one of Switzerland’s largest banks, to hand over the names of more than 52,000 American clients who are believing to be illegally hiding billions of dollars worth of assets abroad.

Other European nations have also been fighting for the same kind of release, and there is hope that if the US succeeds in getting their hands on a list of names, other countries may be able to follow the example.

Now, with an agreement reportedly in place, it looks like that may very well happen, though the details of what was agreed have not yet been announced.

But experts believe that the deal will most likely allow the United States access to thousands of people who have been avoiding taxes, many from some of the wealthiest in the country.

The move will have an effect on laws that have been in place for centuries, protecting the secrecy of all Swiss banks. Some believe that the decision in the UBS case will effect others, but no further details have been released.


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