UBS suspects clients of fraud
(Reuters) Most of the thousands of rich people whose UBS bank accounts are to be handed over to U.S. authorities are suspected of serious fraud rather than simple tax evasion, Swiss authorities revealed on Tuesday. The account details of about 4,450 people are due to be handed over to settle a bitter row over bank secrecy under a deal struck with the United States in August. The saga has dented Switzerland’s reputation as a center of banking discretion and threatened at one point to bring UBS to its knees. The Swiss Justice Department said around 4,200 of the accounts are to be handed over on the grounds of "advanced and serious fraud."
Category: Business
