Federal Council statement on the FINMA decision concerning UBS

Bern, 19.02.2009 - The Federal Council acknowledges the arrangement made by UBS AG with the US Department of Justice. It further acknowledges that in the interests of the stability of the Swiss and indeed of the global financial system, the Swiss Financial Market Supervisory Authority (FINMA) has taken a protective measure in respect of UBS based on Art. 25 and Art. 26 of the Banking Act. The decision provides for the release by FINMA of UBS client data to the US Department of Justice in cases where the bank suspects tax fraud under Swiss law.

Protecting and ensuring the proper functioning of the Swiss financial system for the benefit of the economy is an important objective for the Federal Council.

Banking secrecy remains intact. It serves to protect privacy. However, it does not protect tax fraudsters. The Federal Council expects all financial intermediaries to comply with the law.

The Federal Council notes that FINMA is exercising its responsibility and that Swiss supervisory bodies are working well.

The Federal Council has commissioned the FDF to examine how to proceed with the administrative assistance proceedings relating to UBS AG currently being conducted by the Federal Tax Administration.

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Note to the press: There will be a press call with President Hans-Rudolf Merz in the Media Centre at 2.30pm.


Publisher

Federal Chancellery
https://www.bk.admin.ch/bk/en/home.html

Federal Department of Finance
https://www.efd.admin.ch/efd/en/home.html

Federal Department of Finance
https://www.efd.admin.ch/efd/en/home.html

https://www.admin.ch/content/gov/en/start/documentation/media-releases.msg-id-25434.html