05 Jul 2016
UBS said on Tuesday that it had been ordered by the Swiss Federal Tax Administration to share account information regarding current and former clients with the tax authorities in France.
It is the latest development in a continuing effort by the tax authorities in the United States and Europe to pursue individuals who seek to avoid paying taxes, and the institutions that assist them.
The Swiss bank said that the French tax authorities had filed an international administrative request for assistance from Switzerland regarding UBS account numbers for current and former French clients and based on data from 2006 and 2008.
“Since then, the client base underlying the data has changed significantly and a large number of the accounts affected by the French request are closed,” UBS said in a news release.
The request from France is based on information that the tax authorities received from German authorities, who seized data related to clients with accounts in Switzerland in a variety of tax investigations in recent years, UBS said. The data was shared with other European countries, and UBS said it expected other countries to file similar requests.
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