Individuals with UBS Bank accounts are on the verge of having their accounts handed over to US authorities under suspicion of serious fraud rather than simple tax evasion, according to Swiss authorities on Tuesday.
Details of the 4,450 accounts will be submitted to US authorities as a consequence of the deal struck between US and Swiss banks intended to neutralize conflict regarding secrecy.
The ordeal threatened to destroy the reputation and business; a bank that has long attracted global accounts for its discretion. This will be no longer be the case with the Swiss Justice Department’s announcement that with 4,200 accounts are being handed over for investigation under suspicion of “advanced and serious fraud,” a title attributed with assets in excess of 1 million Swiss francs. The remainder of the accounts are being brought up on lesser charges of tax evasion.
The handing over of data to American authorities pertains to accounts held between 2001 and 2008 by US citizens. Switzerland insists discretion remains a cornerstone of its banking systems; however, the compliance with US authorities has eliminated this as a draw for potential clients.
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