Switzerland's finance minister Minister Hans-Rudolf Merz yesterday defended
banking giant UBS amid concerns a US tax
evasion probe into the bank could damage the country's reputation.
He said the 'presumption of innocence' should be applied to the bank, but
stressed the government would co-operate with the US authorities on the case,
Forbes magazine reports.
US authorities have requested UBS reveal the details of bank accounts held by
US citizens in the investigations – an issue the bank took 'very seriously'.
Complying with such a summons would mean flouting Swiss privacy and banking
secrecy laws, and Merz was forced to brief a parliamentary economic commission
on the case last Tuesday.
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