Swiss parliament backs US-UBS tax deal

By Andy Rice 17 June 2010

Swiss tax authorities will hand over the details of the accounts of 4,450 UBS clients to the US. These clients are accused of stashing their money in secret Swiss bank accounts to avoid paying taxes. Parliament had to give the deal its approval, as a legal loophole had prevented the data being handed over before now. If the parliament had taken much longer to pass the deal, this would've broken the terms of the US-Swiss tax treaty, and could've sparked a diplomatic incident. Read more: Reuters