atans1

GIC: US will not prosecute UBS

In Banks, GIC on 18/06/2010 at 6:52 am

Switzerland yesterday  ended months of uncertainty after the country’s parliament finally approved legislation allowing the transfer of 4,450 names of American clients suspected of evading taxes to be passed to the US authorities.

The decision followed days of parliamentary squabbles  that threatened to delay the treaty.

Switzerland promised to deliver the names by August 19. A failure  could have prompted US legal action against UBS, destroying shareholder value.

About these ads

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

Follow

Get every new post delivered to your Inbox.

Join 211 other followers

%d bloggers like this: