UBS Executive Mark Branson told a Senate subcommittee that UBS would not relinquish any more details on its US clients. “UBS has now complied to the fullest extent possible, to give more would breach Swiss laws,” stated Branson.
The Swiss bank agreed to pay a fine of USD780m in February and has been forced to disclose the names of 300 clients to the US authorities. UBS has however now refused to disclose details of its 52,000 US clients, stating that doing so would breach Swiss disclosure laws.
Branson, on behalf of UBS, apologised for breaking US tax laws, urging that the issue had now been resolved, and that any further discussions surrounding Swiss tax laws should be dealt with on a diplomatic level, not in a courtroom.
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