Swiss vote in favor of bank deal
Source: Agencies |
June 16, 2010, Wednesday
|
Print Edition
Print Edition
THE Swiss parliament has approved a treaty with the United States that will hand thousands of files on suspected tax cheats to US authorities.
The government hopes the treaty will end the threat of prosecution looming over Swiss bank UBS AG if the country refuses to honor its agreement to divulge the names of 4,450 US clients.
Swiss authorities have already transmitted the names of about 400 UBS clients who signed waivers as part of the Internal Revenue Service's voluntary disclosure program, according to the Swiss Federal Tax Administration. Another 100 UBS clients gave their consent directly to Swiss authorities.
A majority of 81 to 61 politicians in Switzerland's lower house voted in favor of the government-backed deal yesterday, 53 abstained.
It decided that the treaty can be put to the public in a referendum before it becomes law. The upper house has until Friday to rule on that.
The government hopes the treaty will end the threat of prosecution looming over Swiss bank UBS AG if the country refuses to honor its agreement to divulge the names of 4,450 US clients.
Swiss authorities have already transmitted the names of about 400 UBS clients who signed waivers as part of the Internal Revenue Service's voluntary disclosure program, according to the Swiss Federal Tax Administration. Another 100 UBS clients gave their consent directly to Swiss authorities.
A majority of 81 to 61 politicians in Switzerland's lower house voted in favor of the government-backed deal yesterday, 53 abstained.
It decided that the treaty can be put to the public in a referendum before it becomes law. The upper house has until Friday to rule on that.
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