Switzerland is known for chocolate, watches, cuckoo clocks and banking secrecy. But when the dust settles after the UBS tax case scandal in the United States, the centuries-old practice of hiding assets in a Swiss bank account might be a thing of the past. But that doesn't mean the country will go down without a fight -- especially when big money is involved. Switzerland has filed an amicus brief challenging an IRS request for a court order to force UBS to turn over the names of 52,000 U.S. customers.
IRS Fight With UBS May Leave Swiss Economy at Its Mercy
Daily Business Review
May 19, 2009