Canada may have to go to court for UBS client names
September 2nd, 2009
Reuters
TORONTO — Canada could pursue Swiss bank UBS (UBSN.VX) in court if bank officials refuse to disclose the names of Canadian clients who are evading taxes using UBS accounts, but even the government minister responsible believes stronger laws may be needed.
With UBS lawyers reportedly in talks this week with officials at Revenue Canada over the use of offshore bank accounts by wealthy Canadians to evade taxes, attention has turned to Canada’s ability — or lack thereof — to compel the Swiss lender to name its Canadian clients.
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