Swiss Banks Avoid US In Wake Of Spat With IRS

July 20th, 2009

Dow Jones Newswires

ZURICH–UBS AG’s (UBS) high-profile spat with the U.S. Internal Revenue Service has made some of Switzerland’s other banks wary of looking after U.S.-based clients, prompting some to stop taking money from Americans altogether and menacing the country’s image as a private banking center.

UBS is currently locked in talks with the IRS which wants access to 52,000 client accounts in a moved aimed at rooting out possible tax fraud, possibly breaching Switzerland’s own banking secrecy laws.

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