MIAMI: The US government and Swiss banking giant UBS AG have reached an agreement in a case seeking names of some 52,000 suspected American tax evaders with billions in secret Swiss accounts, but details may remain under wraps until next week, officials said.
Lawyers for the government and UBS told a federal judge in a brief conference call they had initialed a deal after a delay last week to settle undisclosed details.
The Internal Revenue Service, which initiated the case against UBS earlier this year, said the deal “protects the US government’s interests”. But the two-sentence statement from IRS commissioner Doug Shulman added only that more details will be released when the Swiss government signs the agreement as early as next week.
UBS and the Swiss government also welcomed the news and said no terms would be disclosed until it is signed. Swiss Justice Minister Eveline Widmer-Schlumpf said the agreement “is in the interests of both states.”
The IRS earlier this year asked US District Judge Alan Gold in Miami to force Zurich-based UBS to turn over names of 52,000 US clients believed to be hiding nearly $15 billion in assets in secret accounts...........
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