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Report: No Fine for UBS in Tax Deal

Wednesday, 19 Aug 2009 09:47 AM

ZURICH -- A deal to settle the U.S. tax case against Swiss bank UBS does not include a monetary fine and is expected to "yield 10,000 account identities", the Wall Street Journal said on its Web site.

The WSJ did not give its sources.

The deal could help the world's second-largest wealth manager restore its image, which has been battered by the financial crisis and the U.S. dispute, and may open the way for the Swiss government to sell its stake in UBS.

It ends a dispute in which U.S. authorities had sued UBS to disclose details of 52,000 U.S. clients suspected of tax evasion.

The spat has strained relations between the United States and Switzerland because it challenged the latter's jealously guarded bank secrecy laws and posed a wider threat to its wealth management industry.

The Swiss government said on its website it would hold a press conference on the deal at 1330 GMT, entitled: "UBS case: New legal assistance request instead of unilateral measures." It did not give further details.

The client accounts to be disclosed will likely belong to people suspected of committing tax fraud under the terms of a double taxation agreement that obliges Switzerland to provide help if Washington seeks it in a criminal investigation.

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ZURICH -- A deal to settle the U.S. tax case against Swiss bank UBS does not include a monetary fine and is expected to "yield 10,000 account identities", the Wall Street Journal said on its Web site.The WSJ did not give its sources.The deal could help the world's...
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