Open

Coming up

Don't miss

Replay


LATEST SHOWS

THE BUSINESS INTERVIEW

When big companies want to do good

Read more

REPORTERS

Halal tourism on the rise

Read more

FOCUS

Many Turks angry over Syrian refugee situation

Read more

ENCORE!

Shakespeare’s 450th Birthday : The Best of the Bard

Read more

BUSINESS DAILY

The Tour de France, a PR machine

Read more

IN THE PAPERS

Coverage of the third plane crash in one week - from France, Algeria and Burkina Faso

Read more

IN THE PAPERS

Coverage of the plane crash that took 116 lives - almost half of them French

Read more

DEBATE

Gaza: A Truce At All Costs?

Read more

AFRICA NEWS

Central African Republic: Brazzaville ceasefire talks deliver fragile deal

Read more

  • Live: ‘No survivors’ from Algerian plane crash, says Hollande

    Read more

  • Paris bans new Gaza protest scheduled for Saturday

    Read more

  • French families grieve for Algerian plane crash victims

    Read more

  • Protest against Gaza offensive turns deadly in West Bank

    Read more

  • LA Times wipes France off the map in air crash infographic

    Read more

  • Tour de France fans bring the ambience to the Pyrenees

    Read more

  • Halal tourism on the rise

    Read more

  • French lawyer files complaint against Israel at ICC

    Read more

  • Ukraine names acting PM after Yatseniuk's shock resignation

    Read more

  • BNP to pay $80 million for defrauding Dept of Agriculture

    Read more

  • Deadly strike on UN shelter in Gaza Strip

    Read more

  • Wreckage of Algeria plane found in Mali

    Read more

  • Pope meets Christian woman sentenced to death in Sudan

    Read more

  • Italy’s Nibali cruises to victory in 18th stage of Tour de France

    Read more

Business

US authorities scale down demand for UBS info, says report

Text by NEWS WIRES

Latest update : 2009-07-27

The US Department of Justice wants Swiss bank UBS to give details of 10, 000 of its US account holders suspected of tax evasion, instead of the 52,000 originally asked, according to a report in the Swiss media.

AFP - The US authorities are seeking details of 10,000 account holders at Swiss banking giant UBS, just under a fifth of the 52,000 originally sought for alleged tax evasion, Swiss reports said.

The US Department of Justice wants details for 10,000 clients who met with the Swiss bank's representatives in the United States during 2001 to 2007, Swiss newspaper SonntagsZeitung reported Sunday, citing an unnamed US source.

US authorities filed a lawsuit earlier this year for names of 52,000 US taxpayers suspected of holding UBS offshore accounts to avoid paying US taxes.

A trial was meant to begin in July but a judge agreed to a request from the US and Swiss governments, as well as UBS, to put it off until August 3 to give all parties time to negotiate a settlement.

SonntagsZeitung said a telephone conference will be held Wednesday on the case.

Swiss Foreign Minister Micheline Calmy-Rey is also expected to meet US Secretary of State Hillary Clinton in Washington on Friday to "discuss all current bilateral issues."

Mark Branson, former financial director of wealth management at UBS, told the newspaper that the bank managed 47,000 offshore American accounts in late 2008, of which half held deposits of less than 50,000 dollars.

Such smaller accounts would not interest US tax authorities. Instead, they could be interested in the 20,000 accounts which hold larger sums, the newspaper said.

The Swiss government has vowed to prevent banking giant UBS from releasing client data to US tax authorities as part of efforts to defend the country's tradition of banking secrecy. It said in a filing to the US court that it would seize the information itself if necessary.

Date created : 2009-07-27

COMMENT(S)