UBS official: bank not giving names of US clients

March 4, 2009 12:38:11 PM PST
An official from UBS AG says Switzerland's biggest bank won't provide the names of any more American clients to the U.S government in a fight over secrecy and tax avoidance. UBS has accepted responsibility for helping thousands of Americans hide assets from the U.S. government, but is not giving the Internal Revenue Service the names of all U.S. citizens who maintain secret accounts with the bank.

UBS already has turned over the names of about 300 U.S. clients, but the IRS wants the identities of as many as 52,000 wealthy Americans who maintain secret accounts with bank.

In testimony prepared for a Senate subcommittee, UBS's Mark Branson says the bank "has now done all that it can do to cooperate" with the IRS request without violating Swiss criminal laws.

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