Swiss banks’ veil of secrecy slips

July 14th, 2009

New Zealand Herald

For more than a year, the Internal Revenue Service, the feared tax-collecting agency of the US government, has been revving the engines and aiming a bulldozer at Switzerland’s historic banking secrecy laws.

Its demand that UBS, the Swiss banking giant, hand over the names of 52,000 Americans with offshore accounts has sent the Swiss establishment into paroxysms and threatened a diplomatic incident.

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