With Exchange Agreement in Doubt, Switzerland Offers Less UBS Data to IRS

By Colby Adams

A Swiss proposal of how to circumvent a court ruling that blocked an August data exchange agreement may leave U.S. investigators with fewer names of suspected tax cheats than expected. The announcement follows a Jan. 22 Swiss court's ruling that blocked UBS AG's handover of financial data on 4,450 suspected U.S. tax evaders to the U.S. Internal Revenue Service. Switzerland and the bank agreed to turn over the names as part of the August settlement, reached after months of negotiations with the United States. Switzerland initially agreed to disclose the data under the terms of an October 1996 tax cooperation...