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Swiss to hand over US names of wealthy UBS clients

Source: Reuters - Tue 17th Nov 2009

The Swiss Justice Department will hand over the names of wealthy U.S. clients of UBS with accounts holding over 1 million Swiss francs ($986,200) incases of fraud and similar, it said on Tuesday.

The submission of data to U.S. authorities applies to UBS accounts held between 2001 and 2008 by U.S. citizens resident in the United States.

The details flesh out an August agreement with U.S.authorities that pierces strict Swiss bank secrecy to settle a bitter tax row that threatened to bring the bank to its knees.

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