Reporter Lynnley Browning’s 2009 article “Names Deal Cracks Swiss Bank Secrecy” mentioned the settlement of the UBS John Doe Summons case. Pursuant to that settlement, UBS supplied the IRS with the names of about 4,450 suspected U.S. tax cheats alleged to have opened secret Swiss bank accounts. The settlement was reached through two agreements, one of which is available here:
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A June 27, 2012 press release announced what could be another blow to Swiss bank secrecy law. As this press release explains, the Swiss will soon permit their financial intelligence unit MROS, to fully participate in information sharing with Egmont Group financial intelligence units across the globe. This means that during an investigation of money laundering or other suspicious financial activity, the financial intelligence units could share information about Swiss bank accounts despite Swiss bank secrecy laws.
Copyright 2012 Fred L. Abrams