The Swiss Federal Council has released a statement acknowledging arrangements made by UBS AG with the US Department of Justice over the cross-border business case.
In a statement, the Federal Council acknowledged the arrangement made by UBS AG with the US Department of Justice. Announcing that in the interests of the stability of the Swiss, and indeed of the global financial system, the Swiss Financial Market Supervisory Authority (FINMA) took a protective measure in respect of UBS based on Art. 25 and Art. 26 of the Banking Act. The decision provides for the release by FINMA of UBS client data to the US Department of Justice in cases where the bank suspects tax fraud under Swiss law.
Reasoning the move, the Federal Council stated: “Protecting and ensuring the proper functioning of the Swiss financial system for the benefit of the economy is an important objective for the Federal Council,” adding: “banking secrecy remains intact. It serves to protect privacy. However, it does not protect tax fraudsters. The Federal Council expects all financial intermediaries to comply with the law.”
“The Federal Council notes that FINMA is exercising its responsibility and that Swiss supervisory bodies are working well.”
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