Other Swiss banks break US laws, UBS claims

A report prepared for parliament by UBS reveals that 20 other Swiss banks have violated American laws in their operations, according to a report by the Zurich-based Tages-Anzeiger newspaper.

The report was issued to the parliament because it is debating whether to authorize the transfer to American authorities of data involving 4,450 wealthy US citizens with UBS accounts in Switzerland, who are suspected of tax evasion.

Switzerland’s largest bank was forced to hand over the information to Washington after an investigation found the bank illegally aided clients in committing tax fraud.

Bern reached an agreement with its US counterpart over the transfer of the data but a Swiss court a few weeks ago ruled that this would violate the country’s banking secrecy laws.

The swiss government has subsequently asked parliament to approve the transfer of information on a one-time basis.