UBS Affair: No Bank Client Names for Americans

The Federal Administrative Court (FAC) has ruled. It declared that a An American client of UBS was wrongly accused of tax fraud, that's the whole tax collaboration with the United States which is being called into question. It's a decision. axe against the Federal Council who had concluded this agreement.

The American taxpayer was part of 4,450 UBS clients suspected of tax fraud in the United States, and to which the Swiss government had committed itself deliver the names, and thus lift banking secrecy.

She appealed and the TAF considers, in substance, that " Hiding is not fraud«"Failure to file a tax return is not fraudulent. At least 25 other UBS clients have also appealed and will not be handed over to the US tax authorities.".

According to the TAF, The Federal Council had no right to lift banking secrecy on simple cases of tax evasion. Only parliament has this right, because it can modify the double taxation agreement with the United States.

The American tax authorities are threatening to raise their voices. UBS faces criminal charges and loss of US banking licenseThis decision caused UBS shares to fall by 7.3% last week. The decline continues this morning.