US claims victory in UBS battle

Washington hailed the deal, which will not fine UBS directly, as a victory for its clampdown on tax evasion and indicated it would pursue other foreign banks and individual tax cheats. Under the deal, the Swiss government will hand over details of all the accounts flagged up by the US as possible sources of tax evasion when it initiated its legal proceedings against UBS on 30 June 2008. Crucially, the Swiss Government has also agreed to review and process additional requests for information from other banks regarding their account holders if a request is based on a pattern of facts an...