Friday, May 01, 2009

UBS case: Switzerland outlines its position

Switzerland's official position on the UBS case has been published this morning on the official website. It seems to be playing hardball. As Switzerland says:

"In its brief, the federal government explains its legal position on the case and emphasizes that Switzerland's legal system, and thus its sovereignty, must be respected."


UBS has been taking a robust approach too, telling a US Federal court in Miami that matters should be resolved via talks between Bern and Washington. As the FT reports:

"UBS defended itself on Thursday against attempts by the US Internal Revenue Service to extract names of thousands of American customers holding offshore accounts, telling a federal court. . .In a 50-page submission to the federal court in Southern Florida, UBS presented itself as the victim of a broader dispute over bank secrecy between the US and Switzerland."

The document filed with the court in Miami is here.

Richard Murphy provides his analysis here.

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