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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Search Search: Swiss govt says US lawsuit violates its sovereignty AFP - Saturday, May 2 ZURICH (AFP) - - Switzerland on Friday accused US authorities of violating its sovereignty and breaking Swiss banking secrecy law by demanding that top Swiss bank UBS hand over data on clients suspected of tax fraud. ADVERTISEMENT In response to a lawsuit brought by the United States against the country's biggest bank, the Swiss Federal Office of Justice also said it disregards a US-Swiss tax treaty and could hurt negotiations for revising the treaty. In an attempt to crack down on tax cheats, US tax authorities have filed a lawsuit to force UBS to hand over information on 52,000 clients. "This proceeding has a direct bearing on the Swiss-American Double Taxation Convention, as well as on the Swiss legal system and Swiss sovereignty," said the Swiss justice department's statement. It noted that the case would "violate Swiss sovereignty since the information in question is located in Switzerland." "Furthermore, such an attempt might force UBS to violate Swiss law. Finally, the Swiss government emphasizes that no other state would hand over data on that scale and in that way," it said. Swiss banking secrecy laws prohibit banks from revealing client information except in criminal cases. The government also warned that if the US Justice Department were to pursue the case, it could harm negotiations between Bern and Washington to revise the tax treaty to extend the exchange of information to include tax evasion. "Switzerland is... concerned that the pending civil court proceeding against UBS might prejudice the successful conclusion of these negotiations and jeopardize ratification of the new treaty," said the justice office. According to a copy of the submission to the US courts, Switzerland said: "For the foregoing reasons, the Government of Switzerland respectfully urges the Court to deny the petition to enforce the summons." In a separate submission, UBS also called on the court to reject the case, citing similar issues raised by the Swiss authorities, such as the bilateral tax treaty and Swiss banking laws. Switzerland and the United States are holding negotiations on the double-tax exemption treaty after Bern recently agreed to relax its traditional bank secrecy rules to provide more information on foreign tax cheats. The country has come under intense pressure to ease banking secrecy rules and cooperate with foreign governments to clamp down on tax cheats. UBS has come under intense scrutiny after it admitted guilt to US tax fraud in February and identified some 300 US clients suspected of fraud by the United States. It also paid a fine of 780 million dollars (587 million euros). Switzerland issued a statement late last week saying it hoped for an early resolution of US charges against UBS over the data of 52,000 clients. According to the statement, Swiss Finance Minister Hans-Rudolf Merz had met US Treasury Secretary Timothy Geithner in Washington to discuss the issue and the two agreed on the need to find a prompt solution to the dispute. Email Story IM Story Printable View Blog This Recommend this article 0 users recommend Sign in to recommend this article » Most Recommended Stories » Most Popular – Top Stories Viewed Kenyan women to sex-starve men -- for politics Chrysler begins court bid for quick bankruptcy exit Swine flu spreads economic shivers ExxonMobil profit plunges 58 percent Britney's ex-manager forced to stay away from star View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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