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.

Register or login for access to this item and much more

All Financial Planning content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access