US warns of legal action if Swiss renege on tax-evasion deal

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The United States warned Switzerland Tuesday of legal action if it reneges on a deal allowing UBS bank to provide the names of thousands of account holders allegedly dodging American taxes.

The warning came after Swiss parliamentarians rejected an out-of-court settlement among Switzerland, the United States and UBS for the bank to reveal the identities of about 4,450 American clients suspected of tax evasion.

"We continue to monitor the events in Switzerland, and we stand ready to pursue all legal options available to us should the Swiss fail to provide the required information," said Frank Keith, spokesman for the Internal Revenue Service, the US government tax collection and enforcement agency.

"We have an agreement with the Swiss government. We expect that the Swiss government will continue to honor the terms of the agreement," he said.

© 2010 AFP

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