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From: TFF2/18/2009 6:19:27 PM
   of 12617
 
UBS to provide details on 250 clients to US: report

Wed Feb 18, 1:53 pm ET

GENEVA (AFP) – Switzerland's biggest bank UBS will provide information on 250 clients to US authorities investigating alleged tax evasion, a Swiss newspaper reported Wednesday.

The move was backed by Swiss financial markets regulator FINMA, the daily Le Temps said on its website, citing several unnamed sources.

The newspaper quoted an unnamed Swiss parliamentarian as saying: "It's an unprecedented shock against banking secrecy. Switzerland will no longer be credible if it delivers these names without taking into account taxation agreements."

The report could not immediately be confirmed.

Under banking secrecy law, banks in Switzerland are prohibited from divulging any information to authorities or any third parties on their clients, except in cases involving recognised criminal investigations.

But Switzerland and UBS have come under renewed pressure from the United States since the case first erupted in a Florida court last year, while taxation agreements between the two countries also come into play.

A US Senate hearing is due to be held Tuesday on UBS's case.

UBS announced in July that it was halting its offshore banking services for US citizens in light of the probe.

A former UBS banker was charged with assisting tax evasion last year and one of the Swiss bank's senior executives was later indicted on suspicion of conspiring to defraud the United States of tax revenues
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