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Swiss Sign Protocol to UBS Agreement: Keeps Disclosure Process Moving

Posted in Offshore Account Update, UBS / HSBC on April 1, 2010 | Share

On March 31, 2010, the Swiss and U.S. governments signed a protocol to their August 2009 agreement on the disclosure of UBS account data to the IRS at the same time it is seeking Parliament approval.

According to a statement made by the Swiss government on March 31, the signing of the protocol creates the legal basis for the Swiss Federal Tax Administration (SFTA) to issue final decisions in cases of "continued and serious" tax evasion and permits Switzerland to fulfill its obligations under the terms of the August 2009 agreement.

According to sources, the Swiss government requested the signing of the protocol in order to elevate the August 2009 agreement to the same level as a treaty and remedy the legal shortcomings raised by the Swiss Federal Administrative Court in a January 21 ruling.

It appears to me, the Swiss government is going out of its way to honor the agreement it made with the US government and will violate its very own laws.  Unfortunately, this type of action does not help American taxpayers or other citizens around the world that have depended on the very bank secrecy laws that have been broken or will be changed.

This most recent act by the Swiss government, will further negatively affect the approximately 4,200 names that are currently in the cross hairs.

However, the agreement signed in August 2009, still needs parliamentary approval and the Swiss government said it has instructed the SFTA not to hand over any UBS account data to the U.S. government until the agreement has passed parliament.

It appears things are moving again. Stay tuned!

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