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Swiss court allows UBS bank account data transfer to France

Swiss court allows UBS bank account data transfer to France

Switzerland's top court has ruled that Swiss authorities can share data with France on some 40,000 USB bank accounts. France wants the data after a German probe indicated there could have been tax evasion.

The Swiss Supreme Federal Court allowed tax authorities to hand over to French tax authorities data on some 40,000 accounts at UBS. The bank said it would "carefully review the written verdict."

French tax officials have been seeking the data since German investigators found evidence that thousands of French nationals might have put money in UBS accounts to avoid paying taxes.

With its ruling, the court overturned a decision by a lower Swiss court that had blocked the transfer on the grounds that France might want the data to help in a separate tax fraud case against the bank, the country's biggest.

Courtesy of www.dw.com

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