U.S. and Switzerland Sign Agreement to End Tax Evasion Dispute Concerning UBS

The United States and Switzerland have reached an agreement to end a long-standing tax evasion dispute involving U.S. customers of the banking giant UBS.

According to the agreement UBS will hand over details of more than 4,000 client accounts believed to be used as a means of evading taxes. UBS had already admitted to tax fraud in the U.S. back in February and agreed to pay $780 million to settle the dispute.

While UBS admitted wrongdoing they had refused to divulge the names of their U.S. clients, a violation of U.S. tax law. UBS had argued that divulging the names of their clients would be a violation of Swiss privacy laws. U.S. tax authorities had originally wanted the names of more than 50,000 clients believed to be hiding more than $15 billion in assets.

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