US authorities request Swiss legal assistance in UBS probe
U.S. authorities have asked Switzerland to help in their investigation of banking giant UBS AG.
By Agencies |
SWITZERLAND: U.S. authorities have asked Switzerland to help in their investigation of banking giant UBS AG, a Swiss federal prosecutors spokesman said on Sunday.
Switzerland is now examining whether it can assist in the request, Folco Galli said.
He declined to provide details about the request, which arrived Wednesday.
A former UBS executive has been charged with conspiring to defraud the United States by helping wealthy clients hide assets and evade taxes.
The case against 43-year-old Bradley Birkenfeld led the U.S. Justice Department to investigate whether the bank itself had helped U.S. clients evade taxes from 2000 to 2007.
Swiss law prevents banks from divulging the names and details of their clients except in cases of tax fraud. Tax evasion is not considered sufficient grounds for legal assistance.
The U.S. investigation has already affected the Swiss bank's operations in the United States, where it manages some $704 bn (euro453 bn) for rich American clients.
Last November UBS told some private banking clients they would in future have to travel to Switzerland if they want to speak with their advisers.
Swiss media have reported that UBS was concerned its employees could face arrest if they travel to the United States. The bank has declined to comment on the reports.
Last month a senior UBS manager was detained briefly in the U.S. as a material witness in the Birkenfeld case.
Birkenfeld is due to appear before a court in Fort Lauderdale, Florida, on Thursday.
Switzerland is now examining whether it can assist in the request, Folco Galli said.
He declined to provide details about the request, which arrived Wednesday.
A former UBS executive has been charged with conspiring to defraud the United States by helping wealthy clients hide assets and evade taxes.
The case against 43-year-old Bradley Birkenfeld led the U.S. Justice Department to investigate whether the bank itself had helped U.S. clients evade taxes from 2000 to 2007.
Swiss law prevents banks from divulging the names and details of their clients except in cases of tax fraud. Tax evasion is not considered sufficient grounds for legal assistance.
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The U.S. investigation has already affected the Swiss bank's operations in the United States, where it manages some $704 bn (euro453 bn) for rich American clients.
Last November UBS told some private banking clients they would in future have to travel to Switzerland if they want to speak with their advisers.
Swiss media have reported that UBS was concerned its employees could face arrest if they travel to the United States. The bank has declined to comment on the reports.
Last month a senior UBS manager was detained briefly in the U.S. as a material witness in the Birkenfeld case.
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Birkenfeld is due to appear before a court in Fort Lauderdale, Florida, on Thursday.
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