The Swiss government defended banking giant UBS amid concerns a US probe could sully Switzerland’s reputation
Accountancy Age, 03 Jul 2008
Switzerland's finance minister Minister Hans-Rudolf Merz yesterday defended banking giant UBS amid concerns a US tax evasion probe into the bank could damage the country's reputation.
He said the 'presumption of innocence' should be applied to the bank, but stressed the government would co-operate with the US authorities on the case, Forbes magazine reports.
US authorities have requested UBS reveal the details of bank accounts held by US citizens in the investigations – an issue the bank took 'very seriously'.
Complying with such a summons would mean flouting Swiss privacy and banking secrecy laws, and Merz was forced to brief a parliamentary economic commission on the case last Tuesday.
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