UBS ordered to transfer French account information

French Flags

UBS, among Swiss banks struggling to pull away from a past of helping clients dodge taxes, said it received an order from Swiss tax authorities to provide information related to a French request for assistance on tax matters.

Bloomberg News reports that the order concerns UBS account numbers pertaining to current and former French domiciled clients and is based on data from 2006 and 2008, the bank said in a statement on Tuesday. The request from France is based on information received from German authorities, who seized data as part of their own tax probe.

“The bank has expressed its concerns to the FTA that the legal grounds for this request are ambiguous at best,” UBS said, referring to the Federal Tax Administration. “To ensure legal clarity” UBS will ask the Swiss Federal Administrative Court to review the admissibility of the information, it said.

UBS expects other countries to file similar requests, it said.

To access the complete Bloomberg News article hit the link below:

UBS Ordered by Swiss to Transfer French Account Information

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