Friday, June 18, 2010

Swiss Clear UBS Path to Name U.S. Clients - WSJ.com

Swiss Clear UBS Path to Name U.S. Clients - WSJ.com

It is official: Switzerland is naming names.

After months of political wrangling, Switzerland's Parliament approved a law that will allow the Swiss government to turn over the names of thousands of alleged U.S. tax evaders to the Internal Revenue Service.

Under a deal struck last August between the IRS and Switzerland's largest bank by assets, UBS agreed to provide the IRS with the names of 4,450 Americans who held offshore accounts in Switzerland. The Justice Department had accused UBS of helping wealthy Americans evade taxes on as much as $20 billion of income.

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