UBS handling clients' data to U.S. court by Milota Sidorova

Handling over secrecy of bank clients or desperate seeking for impliactions of tax evasion and fight for authority – this is the case between Switzerland's biggest bank UBS and U.S. court. The bank refused to submit sensible information about 52,000 U.S. clients to the supreme court, hiding behind the bar of privacy. UBS however agreed to pay U.S. authorities $780 million which according some observers provided implication for deeper frauds and shocked Switzeraland's establishment later past week and Swiss Financial Markets Supervisory soon followed by ordering the Bank to submit account details of 250-300 clients to the U.S. authorities. The case however, has had als! o political strings – Swiss dominant centre-right parties stood behind the secrecy law, but Social and Green parliament members suggested they would vote for legislative implication on the bank. The passage came out yesterday in lower Parliamentary chamber. 81 votes to 61 meant yes for the U.S. plan to get the details from the bank. According legal steps taken back in January UBS was supposed to submit of 4,450 clients suspected of tax evasion. The current number however, would be lower. Banking Secrecy shouldn't be the reason to cover tax fraudsters. Maria Assimakopoulou European Commission spokeswoman said EU approved “lift of secrecy” if there was such request for assistance.For now, it seems the bank has capitulated. This step brings along consequences – the image of Swiss biggest bank and its captiousness has been shadowed. Fabuled Swiss independency has been touched and even chief executive Marcel Rohner has resigned and would be replaced by Cr! edit Suisse CEO Oswald Greubel.

related story (s! gx17596) : http://www.france24.com/en/20100615-swiss-lower-house-parlia...

by Milota Sidorova for Cantell TV (http://cantell.tv)

Cantell TV is the fastest growing provider of digital broadcasting coupled with telecommunications, allowing people to easily control, view, upload and share digital content through proprietary interface coupled with free phone calls. Cantell TV is committed to delivering infinite choices to your world of entertainment at the tip of your fingers.