Complaint filed against UBS
A Zurich law firm representing American clients challenges the transfer of bank data.GENEVA - A Zurich-based law firm filed a complaint against Switzerland's biggest bank UBS and the country's financial industry watchdog (FINMA) over client data passed to the US authorities, a report said Tuesday.
Rued Winkler Partners made the complaint on behalf of eight American clients of UBS, the ATS news agency said.
"UBS takes note of today's filing of criminal charges," the bank confirmed in a statement, but added that they are "without merit".
UBS earlier in February provided data on 250 to 300 clients to the US government and paid a fine of USD 780 million (CHF 902 million) to settle a case of assisting tax fraud by US clients.
The bank said it acted on an order made by the Swiss Financial Market Supervisory Authority (FINMA).
"UBS transferred to FINMA information about client accounts which -- supported by available evidence -- concern tax fraud and the like. Therefore, the criminal charges filed today are without merit," it said.
Swiss banking secrecy law prohibits banks in Switzerland from revealing any information to authorities or any third parties about their clients except in cases involving recognized criminal investigations.
AFP / Expatica