UBS Asks to Keep Account Holder Names a Secret

UBS Asks to Keep Account Holder Names a Secret
The Associated Press

Swiss banking giant UBS AG said turning over to the Internal Revenue Service the names of thousands of wealthy Americans who might be withholding billions in income from U.S. taxes would violate Swiss law and undermine international relations, according to a court brief filed Thursday. The IRS has sued UBS to try to force the bank to turn over information on about 52,000 account holders the agency says have an estimated $14.8 billion in assets and are using Swiss bank secrecy to shield the money. (more)