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Thread: Court ruling is required to disclose the names of UBS Switzerland and the accounts of

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    In Profit dalia123's Avatar
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    Default Court ruling is required to disclose the names of UBS Switzerland and the accounts of

    Geneva: The Swiss bank UBS yesterday that the famous "helped U.S. clients in concealing the bank accounts of the taxes."
    Accordingly, the bank handed over the support of the Swiss authorities, the official names of 250 U.S. agents and information on bank accounts to the U.S. Justice Department, with payment of $ 780 million to eliminate the U.S. to settle the issue, which reflected the first crack in the system of the Swiss banking secrecy.

    The report reported in the "homeland," the Saudi bank said in a statement on this matter and agreed that the prompt delivery of the U.S. authorities for information on the identities and bank accounts of a number of its clients, also agreed to refrain from granting any banking services to customers who are hiding from the Americans on their taxes in future, with the closure of the bank accounts of those who hid their taxes by an American.

    The president of the bank, Peter Graf, "regrets that the bank had the right to be involved in this case."

    And hand over the bank UBS, the largest Swiss banks, with the support of the Swiss authorities, the names of 250 U.S. agents and information on bank accounts to the U.S. Department of Justice together with the payment of $ 780 million to eliminate the U.S. to settle a case involving tax evasion, a case that has rocked the political center and the system of the Swiss secret Banking alike.

    UBS Bank acknowledged that "Americans helped clients to hide taxes from their bank accounts." He said that he had agreed to recognize the "immediate" withdrawal of U.S. authorities information on the identities and bank accounts for a certain number of American customers. "He also agreed to refrain from granting any banking services to customers of Americans who hide their taxes in future, and the closure of the bank accounts of those who hid the bank accounts of the body Tax America.

    The president of the bank, Peter Graf, said that the bank as "truly sorry" for his involvement in this case. "It is clear that we made mistakes .. It has become clear to us that our systems of control were not effective in their work." Until the issuance of the first Swiss bank statement yesterday, the bank refuses to cooperate with the Tax Authority for the Protection of American clients who have bank accounts without having to notify the Tax Authority of America.

    The U.S. court had issued last July ruled the Swiss bank is required to hand over the names of U.S. agents have accounts with UBS. At that time recognized the head of wealth management at UBS, Bradley Bergnfeld, provided technical advice to its clients from the U.S. to avoid paying taxes.

    And confirmed the control of the Swiss Federal Financial Market (Vinma) in a statement yesterday that it had issued an order for UBS to hand over the U.S. judicial authorities "immediately" what they called "a limited number of confidential information on bank customers the Americans."

    She said such a move "will help to avoid lengthy court proceedings and complex, and prevent the transfer of the case to the Federal Administrative Court of America." She said that such prosecutions can be imposed directly on the serious consequences UBS, and could threaten the existence of the entire bank.

    The (Vinma) the decision taken by a "political nature", especially the United States had "threatened to withdraw the work permit for the bank UBS in the United States.

    For its part, the Swiss Federal Commission for the banks were heavily criticized for UBS said that it had committed "serious violations of the laws of Switzerland, which set clear limits between banking secrecy and tax evasion." However, the President of the Federation of Swiss banks, Pierre Mirabeau, criticized the American judicial process, saying that the U.S. authorities over judicial cooperation between the two countries, which did not follow the procedures contained in the terms of the agreement signed between the bank the two countries, but has to resort to justice, "as if this Convention is not to exist."

    Analysts and economists said the delivery of Swiss UBS information on the accounts of clients is "the first serious rift in the structure of bank secrecy and bank secrecy puts future at risk is real." They said that the issue is a dangerous precedent that would encourage the European Union to continue its pressure on Switzerland to abandon the system of bank secrecy.

    In the midst of these rapid developments, the President of the Swiss Confederation, Hans Rudolf Meretz, said that "bank secrecy would remain in place without prejudice," as he put it. He said that the Swiss law "does not protect the names of the tax, but to protect banking secrecy."

    He said that the Swiss government had not taken a decision, but has a particular responsibility to support the decision of the Swiss Federal control of the financial market (Vinma) to compel UBS to hand over the names of 250 U.S. clients of the U.S. authorities, a procedure that comes to "protect" the stability of the banking system of Switzerland.








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    Working with other governments is key to enforcing U.S. laws.

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    very disappointing to see the degradation of Swiss banks. who will replace Swiss' place in banking? singapoure maybe?

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    In Profit Psymon's Avatar
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    there are a small set of islands of the coast of France called the channel islands, check out flemmings in Guernsey.

    Its all a bit of a dog and pony show, people have not really kept all there money in one place for years! sure some of the little big cats will have given a token payment to be 'found'.

    Does anyone really beleive that the big big money didn't know what was coming? hmmmm

    who trusted the swis after they stole all that gold from the Germans anyway?
    Psymon Peers

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    Quote Originally Posted by Psymon View Post
    there are a small set of islands of the coast of France called the channel islands, check out flemmings in Guernsey.

    Its all a bit of a dog and pony show, people have not really kept all there money in one place for years! sure some of the little big cats will have given a token payment to be 'found'.

    Does anyone really beleive that the big big money didn't know what was coming? hmmmm

    who trusted the swis after they stole all that gold from the Germans anyway?
    That is true I'm sure someone knew about this.

  6. #6
    bisaddkunlevics
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    Yea it is very true.

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