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The Swiss Federal Supreme Court on Friday authorized the tax authorities to send data to the French tax authorities on some 40,000 accounts at UBS. The bank said that she "would carefully consider the written verdict".
The French tax authorities have been looking for this data since German investigators found evidence that thousands of French nationals could have put money into their UBS accounts to avoid paying taxes.
By this decision, the court overturned a decision by a Swiss lower court that blocked the transfer on the grounds that France might want the data to be useful in a separate case of tax evasion against the bank, the largest in the country.
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Historical decision
The Supreme Court stated that it had received France's badurance that it would not use evidence in another case, in which a French court fined UBS 3.7 billion euros ($ 4.1 billion) for encouraging its customers to commit tax evasion. UBS is appealing the decision.
UBS itself pointed out that the transferred information "can not be used against UBS as part of its ongoing criminal proceedings in France.This was also the clear expectation of the court today. . "
The developments resulting from the court decision are likely to be monitored by several governments around the world, which have been thwarted in the search for tax revenues lost by Switzerland's strict banking secrecy rules.
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tj / jm (dpa, AFP)
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