Numbered (and Named) Swiss Bank Accounts

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The Swiss Parliament this week approved a deal requiring Swiss bank UBS to provide the Internal Revenue Service with the names of 4,450 American account holders. The U.S. government has been recently signed several new tax treaties, including with Switzerland, which along with other tax havens including Singapore and Luxembourg has begun entering into bilateral tax treaties under standards codified by the Organization for Economic Cooperation and Development. The new treaties commit them to providing information requested by treaty partners to enforce tax laws, regardless of any internal bank secrecy laws.

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