IRS-UBS Deal Likely Brought to Swiss Voters

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Last year, the IRS and Switzerland’s UBS Bank hammered out a deal where UBS agreed to disclose names of 4,450 American depositors suspected of stashing the cash in their UBS accounts to avoid paying taxes, against Swiss banking laws. But although the agreement was made between the two parties, the court in Switzerland declared the agreement illegal because it violated Swiss secrecy laws. This led to the matter being brought to the Swiss houses of parliament.

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