UBS-IRS Deal Uncertain after Swiss House Rejection

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In the latest development of the much publicized American Swiss deal in which UBS bank agreed to disclose details of 4,450 of its American account holders the IRS suspects of dodging taxes, the Swiss House of Representatives voted against it as it directly violates the 1934 Swiss Bank Secrecy Law. The vote against the deal was passed on a 104 to 76 vote in the Swiss House of Representatives. The move was opposed by the majority Swiss People's Party and the centrist party, the Swiss Democrats.

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