Swiss authorities have agreed to provide US Internal Revenue Service with HSBC client data. The development comes after the Swiss branch of HSBC admitted substandard compliance on tax evasion and subsequently paid tens of millions of dollars in fines. In a statement released today, UBS said it had been cooperating with the IRS since last year but that its cooperation was now over.
Swiss authorities have agreed to provide US Internal Revenue Service with HSBC client data. The development comes after the Swiss branch of HSBC admitted substandard compliance on tax evasion and subsequently paid tens of millions of dollars in fines. Clients have been given the opportunity to appeal the decision following a published report that named 100,000 HSBC clients reportedly using the bank to dodge taxes.