Swiss bank UBS letting go of some secrets

Thursday, February 19, 2009

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UBS, the largest bank in Switzerland, was forced to reveal information on hundreds of accounts. (Flickr user guano (cc: by-nc-sa))

Swiss banks have been revered, loved, and hated for their tightly-held secrets, but Swiss bank UBS has agreed to a legal settlement with the United States government after it was revealed that the bank was operating as a willing shelter for tax evaders. The bank is set to give U.S. tax regulators access to hundreds of bank accounts and will also pay close to $780 million in fees. For more on the story we turn to BBC business correspondent Mark Gregory.

Further details can be found in A Swiss Bank Is Set to Open Its Secret Files in today's New York Times.

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