Switzerland’s Federal Administrative Court has ruled that the agreement for UBS to disclose the identities of 4,450 U.S.-based taxpayers to the IRS violates the country’s banking secrecy laws.
The ruling last Friday on 26 sets of bank accounts threatens a deal that the Swiss and U.S. governments hammered out last August after a prolonged legal dispute. The Swiss government has not yet handed over the 4,450 names to the U.S. government. The Swiss Federal Tax Administration has been reviewing the cases and decided about 600 to date.
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