Swiss bank UBS refuses US tax request
Just a month back, Switzerland agreed to share key bank account data with the US tax authorities , who are probing nearly Swiss bank accounts of over 52000 US citizens.
The US government feels that these people have evaded tax running into billions of dollars, by stashing away unaccounted money in Swiss banks.
Now, the largest Swiss bank, UBS, has told a Florida court that it cannot share data on the bank accounts of it’s US clients, since it will violate Swiss banking secrecy rules. This stand is expected to upset the US government which might resort to tough measures, on a swift basis.