U.S., Switzerland reach agreement on client secret identities

08/3/2009 | Financial Times (tiered subscription model)

In a debate that could sting Switzerland's popular bank secrecy process, the U.S. and Switzerland came to an initial agreement about releasing the names of UBS account holders suspected of evading taxes through Swiss bank accounts. Although Switzerland has yet to release the 52,000 names requested by the U.S., Department of Justice lawyer Stuart Gibson said that the reached an "agreement in principle," which could set an important precedent for future Swiss banking cases.

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