Swiss Court Denies UBS Client Attempt to Halt Handover of Account Details

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A high court in Switzerland rejects an attempt by a client of Swiss banking giant UBS to prevent the handover of details on her secret bank account to U.S. tax authorities. In the ruling, the Swiss Federal Administrative Tribunal rejects the complainant's challenge to a decision by the Swiss Federal Tax Administration to hand over the account details to U.S. authorities. The high court rules that the account in question met the criteria for handover under an August 2009 agreement between Switzerland and the United States, under which Switzerland promised to hand over details on 4,450 targeted UBS accounts. The court adds that agreement is now legally binding following the Swiss parliament's ratification of the accord on June 17.