A Swiss parliamentary committee has strongly
criticised the Swiss government’s handing over of UBS client data
to US authorities following investigations into UBS in a key report
published yesterday.
The 363-page report from the Control
Committees of the Federal Assembly called for UBS’ top management
to clarify how much they knew about tax crimes being committed by
some of the bank’s US clients.
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But the actions of UBS’ top management were
not the focus of the parliamentary inquiry.
The report alleged UBS staff helped American
customers to set up offshore structures in some 300 cases, and in
some cases accepted false declarations in US forms in order
to help customers fail to declare themselves as being subject
to US taxation.
The report, which took 15 months to complete,
said that like many countries, Switzerland had not seen the crisis
coming and did not appreciate the full implications of US tax
investigations into UBS.
The Swiss parliament is scheduled to vote on
the US-Swiss government agreement regarding the exchange of US
taxpayer information later this week.
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By GlobalDataSupport for the agreement would end a Swiss
legal deadlock and allow Switzerland to fulfil a commitment to pass
onto US tax authorities the names of 4,450 US client accounts that
UBS is holding in Switzerland.
