UBS move shakes foundations of Swiss bank secrecy...

Switzerland's president declared Thursday that his country will hold onto its treasured tradition of confidential bank accounts, even as it took the unprecedented step of revealing over 250 tax cheats to U.S. authorities.

"Banking secrecy, ladies and gentlemen, remains intact," President Hans-Rudolf Merz told reporters.

Merz said Swiss authorities handed over the files on 250 to 300 American clients of Swiss bank UBS AG who are suspected of committing tax fraud. The transfer took place in the middle of the night in the Swiss capital Bern, just ahead of a U.S. deadline for Swiss cooperation, he said.

Switzerland's largest bank and U.S. officials have been negotiating intensely since allegations surfaced last year that UBS helped as many as 17,000 Americans conceal up to $20 billion. More...

See also:

1. 7 myths about opening a Swiss bank account...
2. UBS, under American pressure, is closing secret accounts...
3. The U.S. and the dark side of the UBS...
4. Swiss anger at blacklist call...
5. U.S. super-rich and Swiss bank UBS in murky waters...