The anonymity os Swiss bank accounts is quickly becoming a thing of the past. U.S. authorities recently hammered out an unprecedented agreement with the Swiss bank UBS to allow access to personal date of 4,500 accounts held by Americans. Authorities suspect these customers of tax evasion.
Analysts said the agreement – one of the first of its kind – marks a significant step in the fight against tax evasion.
Under the agreement, authorities in Washington will initially have access to the accounts of 4,500 American customers of UBS, but the investigation led by the Treasury Department could unearth the identity of over 10,000 customers may have evaded tax authorities.
In total, the account have a value of over $18 billion. A representative of the Treasury said these customers have the option to present themselves to the authorities until September 23.
The Swiss Minister of Justice stated that this agreement does not violate the country’s bank secrecy law. The law is not intended to protect criminals the minister said. UBS will notify customers before their bank data will be made available to the U.S.
It is the second agreement between UBS and the U.S. this year. To avoid a justice case, the bank admitted in February that it helped Americans to avoid paying taxes. UBS has agreed to pay a fine of $780 million and will make available the names of 250 customers suspected of tax evasion.