Pact forces UBS to disclose 4,450 accounts

The US and Switzerland have signed an agreement clearing the way for 4,450
account holders’ details to be handed to the Internal Revenue Service.

Swiss bank UBS now has an August 24, 2010 deadline to hand over the details
of the account before US authorities withdraw legal action over the matter, reports.

UBS believes the agreement draws a line under a complicated saga which saw US
authorities demand the details of 52,000 accounts, which UBS resisted fearing it
would be violating Swiss banking laws.

UBS Chairman Kaspar Villiger said the agreement resolved one of the most
pressing issues ever confronted by UBS.

`I am confident that the agreement will allow the bank to continue moving
forward to rebuild its reputation through solid performance and client service,’
he said.

`UBS welcomes the fact that the information-exchange objectives of the
settlement can be achieved in a lawful manner under the existing treaty
framework between Switzerland and the United States.’

Read the story:
UBS Deal Signed; 4,450 Names To Be Delivered

Read the UBS statement:
signing of settlement agreement relating to the John Doe summons

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