Bern, Switzerland (GenevaLunch) – The Federal Council, Switzerland’s cabinet, has stepped into the debate over a ruling by the Swiss Administrative Tribunal, announced 11 January, that the Swiss banking supervisory body had no legal right to tell bank UBS to hand client names to US tax authorities. The Council made it clear 13 January that it played a key role in the decision by Finma, the banking authority, to agree the names should be given, outside the usual procedures called for by a bilateral judicial assistance treaty with the United States
The government says that although it appreciates the clarifications about roles provided by the legal decision this week, it wants to see the case go on to the Federal Tribunal, Switzerland’s highest court, to ensure that responsibilities are clearly laid out.
Background, GenevaLunch
Links to other sites: Le Temps, TSR and Federal Council (Fre)
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News story, GenevaLunch, 14 January 2010.
Filed under: Business
Tags: Cabinet, court, Federal Council, Finma, ruling, Switzerland, U.S., UBS, US clients
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January 16th, 2010 at 6:07 am
Banking Information may not be giving, exchange, barter or sold to anyone. The fiduciary relationship will be destroying and compromise, and it will follow precedence to all the banks around the world. People in Europe as well as any other country must stop big brother getting into other countries affairs.
January 21st, 2010 at 5:09 pm
[...] “Swiss court’s UBS decision could go another round“, 14 January 2010, GenevaLunch Posted by :: Sean Ecker on 21 January [...]