The Internal Revenue Service is collecting information on approximately 20 Swiss banks, according a letter from UBS, one of the main banks it has been investigating.
UBS [UBS] wrote a letter to members of the Swiss Parliament urging them to approve a deal between the Swiss and U.S. governments. The Swiss and U.S. governments agreed last year for the Swiss to divulge the identities of 4,450 U.S.-based account holders who were suspected of large-scale tax evasion or fraud. However, recent court decisions in Switzerland enforcing the country’s banking secrecy laws have threatened to upend the agreement.
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