Swiss: We Will Seize UBS Client Data

moneynews.com ^ | 7/8/2009 | unknown

[mojitojoe]

ZURICH -- Switzerland has vowed to prevent UBS from handing over client information to U.S. authorities, in an attempt to defend bank secrecy, saying a tax case targeting its main bank is souring diplomatic ties.

Wealth management giant UBS is facing a court hearing in Miami next week after refusing to disclose data on 52,000 Americans holders of secret Swiss bank accounts to U.S. tax authorities.

The Swiss Justice Ministry said on Wednesday that Swiss law prevents UBS from handing over client information and the government would seize UBS client data, if necessary, to stop that happening.

The case, which comes amid a global fight against tax cheats supported by the U.S. administration, has damaged the UBS brand and could result in an expensive settlement for the bank at a time when the bank needs to focus on restructuring.

"Switzerland will use its legal authority to ensure that the bank cannot be pressured to transmit the information illegally, including if necessary by issuing an order taking effective control of the data at UBS," the Swiss government said in a response to U.S. authorities filed in Miami on Tuesday.

The tax litigation is also crucial for the future of the multi-billion dollar wealth management industry and is pushing several offshore banks to force clients to come clean.

[taxtruth]

I’m glad to see that the Swiss are standing up to our greedy government.

[villagerjoel]

Good for them I say. To hell with our overbearing government.

[SoDak]

I can’t hardly help but to be for anything that results in a loss for the IRS mafia.

[SandWMan]

Bless their hearts for doing right.

Of course, if they don’t stop it this time, it will happen again, and again, and people will start pulling all their money out of Switzerland. They’ll start losing money like water through a seive.

[Buck W.]

“The case, which comes amid a global fight against tax cheats supported by the U.S. administration...”

You can read that two ways. I personally know of a lot of tax cheats who are supported by the U.S. administration.

[LearsFool]

The case, which comes amid a global fight against tax cheats supported by the U.S. administration

My arse! The IRS is headed by a tax cheat!

No, they're looking for tax dollars, not tax cheats.

[aculeus]

I’m with the US on this. Any American who has a Swiss secret bank account is probably (most likely) cheating on his US income taxes. The IRS hammers tax cheats who cant hide behind Swiss bank laws. Why should the sneakiest ones get away with it?

[GonzoGOP]

Now what does Obama do. They just called his bluff. If he lets them do this all the super wealthy will move their money to Switzerland to get away from Obama’s tax the rich strategy. But without the rich to tax he can't give bribes to the people who elected him. He can't borrow too much more, the Chinese are already rumbling. Once again a foreign government will make Obama look the fool in a very public way.

[mojitojoe]

I hear you. My agenda for 2009 is to do everything I can to not give the IRS a dime more than I have to. We are starving the beast. They think they collected what was it? Something like 39% less this year than last? Wait until April of 2010. They ain’t seen nothing yet. Nearly everyone I know is doing the same.

[mgstarr]

You’re right - more power to our benevolent Big Brother!

[taxtruth]

BTT!I’m thinking the same thing.

[LearnsFromMistakes]

The Swiss Justice Ministry said on Wednesday that Swiss law prevents UBS from handing over client information

Don't the Swiss realize that we all have to honor international law over our own laws?

[Oldpuppymax]

What would Hussein do when 90% turned out to be democrat politicians/donors?

[wolfcreek]

You can’t hide from the NWO.

[SoDak]

Yep, us too. We’re reducing our tax exposure to it’s complete max. In addition, we cut our withholding down to the absolute bone. Starve it.

[mojitojoe]

LOL good question and I wouldn’t be the least bit surprised if most of them were his pals.

[mojitojoe]

You can’t hide from the NWO.
__________
Don’t bet on it. It had become a game of chess to many and I can’t believe that we aren’t better players than the clowns trying to run this show.

[mojitojoe]

You can’t hide from the NWO.
__________
Don’t bet on it. It has become a game of chess to many and I can’t believe that we aren’t better players than the clowns trying to run this show.

[microgood]

I’m with the US on this. Any American who has a Swiss secret bank account is probably (most likely) cheating on his US income taxes.

Right. You are guilty until proven innocent. Or if you aren't doing anything wrong, you have nothing to fear. Here is a quote from another article:

"The vital national interest of the United States in fighting attempts by US taxpayers to avoid and evade their tax obligations outweighs the general Swiss interest in maintaining the secrecy of its banking relationships, especially for those foreign lawbreakers," it added.

The current people in our government believe you are guilty until proven innocent, which means they are evil. Because of that fact, I hope they rot in hell.