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Cabinet sends UBS deal to parliament

The Swiss government has asked parliament to approve an agreement to send information to the United States on some 4,450 clients of bank UBS.

This content was published on April 14, 2010 - 17:19

It also said on Wednesday that UBS should pay some SFr40 million ($38 million) in costs associated with providing assistance to US requests for information.

The cabinet had previously decided the bank would be only on the hook for SFr1 million.

The US has accused clients of the embattled bank of evading taxes. The Swiss Federal Administrative Court ruled previously there was insufficient legal basis to grant administrative assistance on about 4,200 of the files the US was after.

On March 31 Bern and Washington signed a protocol transforming the August 2009 agreement into an international treaty.

The cabinet said the agreement should not be subject to the challenge of an optional referendum but parliament will have the final say.

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