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Anti Federalist
06-08-2010, 09:01 PM
Good for them.

Swiss lawmakers reject deal with US in UBS tax row

http://finance.yahoo.com/news/Swiss-lawmakers-reject-deal-apf-334047202.html?x=0&sec=topStories&pos=main&asset=&ccode=

GENEVA (AP) -- Switzerland's effort to end a tax-evasion dispute with Washington hit a major setback Tuesday when lawmakers blocked a treaty that would have seen the largest Swiss bank give U.S. authorities files on thousands of American clients.

The Swiss government and Washington had painstakingly crafted the treaty last August to resolve a long-standing dispute over UBS AG's alleged role in aiding tax evasion, but 104 nationalist and left-wing lawmakers in Switzerland's lower house, the National Council, voted against the deal, compared to 76 in favor, after their demanded amendments were refused. Sixteen lawmakers abstained.

The government and industry groups had urged lawmakers to sign off on the treaty to avert harm to the Swiss economy, which is heavily dependent on the country's banking industry.

"With today's negative decision the National Council has unfortunately done a disservice to Switzerland's standing as an economic and financial center," said the Swiss Bankers Association, which has pushed for the UBS case to be concluded so the industry can move forward.

The association called on lawmakers to change their minds and approve the treaty, claiming that failure to do so "would strain even further the important bilateral relations between Switzerland and the United States."

U.S. Justice Department spokesman Charles S. Miller declined to comment on the matter. Sen. Carl Levin, a Democrat who has led a congressional investigation of UBS and other banks, criticized the move and called for the U.S. to go ahead in its case against UBS.

"Rejection of the treaty is an international embarrassment that can be laid at the feet of Swiss legislators who are willing to continue to allow their banks to facilitate U.S. tax evasion," he said.

TC95
06-08-2010, 09:50 PM
Bomb Switzerland!

Vessol
06-08-2010, 09:53 PM
It's sad that people actually have to go to another country for privacy in their banking :mad:

TheBlackPeterSchiff
06-08-2010, 10:33 PM
It's sad that people actually have to go to another country for privacy in their banking :mad:

It's unpatriotic to hide your money from the government :p