US, UBS Deal To Limit Secret Bank Account Option

US, UBS Deal To Limit Secret Bank Account Option

http://www.reuters.com/article/newsOne/idUSTRE57B4AA20090812

The agreement between the US tax authorities and Swiss banking giant UBS AG for the settlement of a tax evasion case is likely to limit the secret bank account options for the US taxpayers. Although the details of the agreement reached between the two parties have not been revealed, experts believe that it involves the disclosure of thousands of names of US residents who have used secret bank accounts to conceal assets. However, Swiss bank secrecy laws are unlikely to be breached with this agreement. The disclosure will not only make the US citizens wary of opening secret accounts but also make them come forward and disclose their existing secret accounts. Meanwhile UBS has also decided to stop offering offshore accounts to the US citizens besides closing down the existing undeclared accounts.