bank secrecy

Up to 5 temporary judges will be appointed to address the complaints filed against the largest Swiss bank UBS over the agreement to hand over data on some of the bank’s clients to US authorities, said the administration of Switzerland.

On Tuesday Jeffrey Chernick, 70, the Stanfordville, N.Y., owner of a firm that represents Chinese and Hong Kong toymakers, pleaded guilty in a Fort Lauderdale federal court to filing a false tax return that failed to disclose $8 million in offshore assets. Chernick became the third American to plead guilty to tax charges related to an investigation of secret accounts at Swiss banking giant UBS.

On Sunday the Sonntagszeitung newspaper reported that Swiss bank Credit Suisse started closing down the offshore accounts of U.S. clients who have not declared the money to the U.S. authorities. The newspaper said that there are about 2,500-5,000 U.S. clients having their accounts worth about 3 billion francs.

Caricature of bank secrecy  cancellation

While the Swiss largest bank for wealthy customers UBS AG makes hard efforts to restore its reputation before the clients and thus keep to the laws of Switzerland on bank secrecy the U.S. government along with other nations in Europe are seeking to establish corresponding regulations to ban tax heavens in the world. On Wednesday during a hearing at the U.S.

On Monday Switzerland's top Justice official Eveline Widmer-Schlumpf said that aggravation of the dispute between the United States and Switzerland over bank secrecy laws seems to be undesirable for the Obama administration after she met with Deputy U.S. Attorney General David Margolis and U.S. Attorney General Eric Holder.