Financial Transparency Coalition

Switzerland—famous for its strict bank secrecy laws—has cut a deal with U.S. authorities to help prevent tax evasion through the Alpine country’s famous numbered accounts. Revisions to a two-way tax treaty will increase the amount of information shared between the two countries—a big deal for clients who count on the privacy of Swiss banks. According to the Swiss ministry, banks would be able to give out information in “individual cases where a specific and justified request has been made.”

MIAMI, June 30 (Reuters) - The U.S. Justice Department said on Tuesday it was pressing ahead with its five-month-old lawsuit against UBS AG to force the Swiss bank to identify thousands of U.S. clients with secret UBS accounts.

On June 30th, the US Department of Justice filed its legal brief in the UBS case in the Federal District Court in Miami. The filing came amid speculation that the Justice Department might be looking to settle the case with UBS, as a diplomatic gesture towards the Swiss.

ZURICH (Reuters) - U.S. clients of Swiss bank UBS will not be able to access secret accounts from July 1 unless they transfer the money onshore or close the account, a source familiar with the situation told Reuters on Tuesday.