More Swiss banks restrict US business

July 17th, 2009

Two more Swiss banks have decided to scale down their services to United States-based clients in light of an ongoing tax evasion case that threatens banking secrecy.

Zurich Cantonal Bank (ZCB) will close investment accounts of US domiciled customers while Migros Bank said it would not act on client instructions issued from the US. The US authorities are currently demanding the details of 52,000 UBS bank customers.

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