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Swiss snub bid by US to end banks' secrecy
23.02.09
The Swiss government says it will stay away from a US Senate hearing on tax havens as the US taxman continues the campaign to force UBS to turn over account details of 52,000 American customers.
The move is being seen as a snub to Washington's bid to prise open the hush-hush world of Swiss banking.
UBS agreed last week to lift the veil on the country's banking secrecy to avoid prosecution. However, the deal saw only 300 account details sent to the US. The Internal Revenue Service is pursuing the bank through the courts seeking more. The bank also agreed to pay $780 million (£540 million) in penalties.
Switzerland turned down an invitation to the next week's hearing by the Permanent Subcommittee on Investigations, said Swiss Finance Ministry spokesman Roland Meier.
"Switzerland regrets that the Department of Justice has threatened UBS with unilateral measures, despite co-operation of UBS and Swiss authorities with the US authorities," Meier said.
