Switzerland Meets Deadline for Processing UBS Accounts

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Both the U.S. and Swiss governments say Switzerland has met its obligations under a landmark August 2009 agreement with the United States to review some 4,450 secret accounts held by U.S. taxpayers with banking giant UBS. However, Swiss officials admit that final handover of some of the account information to the United States will not be achieved until the fall. The Swiss Federal Department of Finance says the government's Federal Tax Administration has processed a U.S. request for details on the targeted accounts and issued decisions on the handover of account information by the deadline fixed under the 2009 agreement. In a similar statement, IRS says it has been informed that Switzerland had processed the nearly 4,500 accounts specified under the agreement, adding that IRS has received information on over 2,000 accounts so far. Swiss officials say appeals to Swiss courts by account holders have delayed the turnover of some of the information. One practitioner says those delays could mean there is still time for UBS account holders to come forward if IRS does not already have information on their accounts. In addition, a Swiss finance ministry official tells BNA that information on between 200 to 300 targeted accounts will not be handed over to U.S. authorities.

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