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