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The U.S. flag is seen in a reflection outside the Swiss bank UBS offices in New York. (BRENDAN MCDERMID)
The U.S. flag is seen in a reflection outside the Swiss bank UBS offices in New York. (BRENDAN MCDERMID)

UBS agreement: key details Add to ...

Switzerland will hand over details of about 4,450 bank accounts to U.S. authorities as part of a deal struck with Washington over UBS, it said on Wednesday.

Here are some basic details on the deal struck:

  • The United States will withdraw demand for disclosure of the identity of 52,000 UBS accounts holders
  • Swiss will direct UBS to turn over information on 4,450 accounts to IRS
  • Swiss agree to review requests involving other banks for account holders similar to UBS case
  • U.S. says it can still seek judicial remedies if results are significantly less or other measures fail.
  • U.S. says will receive substantially all of the accounts of interest in settlement with UBS
  • U.S. says UBS accounts being turned over held over $18-billion (U.S.) at one point in time
  • UBS says it does not have to pay any fine
  • The deal ends a row which has strained relations between the United States and Switzerland and challenged the latter's jealously guarded bank secrecy laws


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