Swiss hold on to secrets

(CNS): Switzerland is trying to ensure UBS is not forced to hand over account details to the US authorities, an apparent reversal of promises to share tax data. The Swiss government is arguing that handing over the client details would breach its national bank secrecy rules. UBS is refusing to release data on 52,000 Americans that hold Swiss bank accounts to US tax authorities who accuse them of tax evasion. Switzerland’s largest bank, UBS is facing a court hearing in Miami today (13 July.)