GENEVA – Switzerland’s federal tax administration says it won’t contest a court ruling that allows UBS bank to be kept up to date about information handed to investigators in France, and possibly challenge any final rulings in the case.
Swiss law generally requires banks to automatically hand over client information without a right to be involved in such cases.
But last month, the Swiss federal court ruled UBS could be a party to the case in part because it faces an investigation in France centring on clients who may have tried to skirt French taxes. The court said at least 10,000 accounts were involved.
UBS welcomed the Oct. 25 court ruling, but must still hand over information for the investigation. The bank didn’t immediately comment on Monday’s decision by Swiss tax authorities.