UBS says IRS has 20 Swiss banks in its sights
The Associated Press reported earlier today that, in a letter written to Swizz parliamentarians, UBS AG said that the U.S. Internal Revenue Service has collected information on the cross-border activities of about 20 Swiss banks in the course of its amnesty program for American tax evaders.
The letter was written to urge the Swizz lawmakers to approve a treaty between Switzerland and the United States on improving cooperation on tax evasion matters.
The Zurich-based bank wrote that "the risks for the Swiss financial center and the economy as a whole if parliament were to withhold its approval are very considerable."
