PracticeAuditPact forces UBS to disclose 4,450 accounts

Pact forces UBS to disclose 4,450 accounts

US-Swiss pact means UBS has until 2010 to hand over account details

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,
Tax-News.com 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 Tax-News.com story:
US-Swiss
UBS Deal Signed; 4,450 Names To Be Delivered

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

Related Articles

Ukraine central bank removes PwC’s bank auditing rights

Audit Ukraine central bank removes PwC’s bank auditing rights

2m Alia Shoaib, Reporter
MoD accounts qualified for seventh time in a row as leasing issues remain

Accounting Standards MoD accounts qualified for seventh time in a row as leasing issues remain

1y Kevin Reed, Writer
Error in Department for Education’s financial statements ‘material and pervasive’

Accounting Standards Error in Department for Education’s financial statements ‘material and pervasive’

1y Calum Fuller, Reporter
Tyrie "flabbergasted" by FRC failure to investigate HBOS audit failings

Accounting Firms Tyrie "flabbergasted" by FRC failure to investigate HBOS audit failings

2y Chris Warmoll, Writer
Tyrie reiterates call for FRC to probe KPMG over HBOS

Accounting Firms Tyrie reiterates call for FRC to probe KPMG over HBOS

2y Chris Warmoll, Writer
FRC confirms KPMG-HBOS report to be released ‘in spring’

Audit FRC confirms KPMG-HBOS report to be released ‘in spring’

1y Calum Fuller, Reporter
Tyrie lays down gauntlet to FRC over HBOS probe

Audit Tyrie lays down gauntlet to FRC over HBOS probe

2y Calum Fuller, Reporter
FRC considers plans to investigate KPMG over HBOS audit

Accounting Firms FRC considers plans to investigate KPMG over HBOS audit

2y Chris Warmoll, Writer