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UBS Strikes Deal in U.S. Tax Case: The End of Switzerland’s Bank Secrecy Rules a Boon to Singapore Banking?

By Santiago A. Cueto on Posted in International Banking

On August 3, 2009, UBS reached a deal with U.S. authorities to turn over the names of 5,000 U.S clients holding secret Swiss bank accounts. Although this amounts to a mere 10 percent of the names Washington was after, the controversy surrounding Switzerland and UBS will continue to swell. The pressure on Switzerland and UBS… Continue Reading