U.S., Switzerland Protocol Allows Transferring of UBS Names to IRS

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The United States and Switzerland sign a protocol allowing for the provisional application of their Aug. 19 agreement requiring Swiss banking giant UBS to hand over details on 4,450 secret bank accounts held by U.S. taxpayers. The signature of the amending protocol will allow the Swiss Federal Tax Administration to proceed with a review of the targeted accounts to determine whether they meet the criteria allowing for disclosure to U.S. tax authorities. “The provisional application of the revised UBS Agreement creates the necessary legal basis for the [SFTA] to issue final decisions even in cases of continued and serious tax evasion, and permits Switzerland to fulfill the obligations under international law that it entered into with the original [Aug. 19] Agreement,” the Swiss Justice Department says.