Word: switzerland
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Dates: during 2000-2009
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...correcting the atlas.' DANIEL GUTKNECHT, topographer, on the agreement between Switzerland and Italy to shift their border 150 m into Italian territory because melting alpine glaciers have moved the watershed used to demarcate the two countries...
...Under an agreement announced by Swiss and U.S. authorities on Aug. 19, Switzerland's second largest bank, UBS, will disclose the names of approximately 4,450 American account holders suspected by the IRS of evading taxes. In return, the U.S. Justice Department will withdraw its lawsuit against the banking giant and stop demanding the names of 52,000 Americans accused of hiding assets in offshore accounts. (See pictures of tea-party tax protests...
...agreement, the IRS will submit a request to Swiss tax authorities to divulge within one year the names of clients suspected of stashing money in UBS to evade U.S. taxes. Account holders will be notified before their names are disclosed and will be able to appeal the decision in Switzerland's Federal Administrative Court. This approach, the Swiss government says, is in line with the existing law allowing the exchange of account information in cases of suspected criminal activity and also complies with the newly signed double-taxation treaty between the two countries, which stipulates that Switzerland will cooperate with...
...Switzerland, news of the settlement was greeted with relief. "The out-of-court agreement avoids a prolonged legal battle that would have had an uncertain outcome, and the solution found conforms entirely with prevailing Swiss law," the Swiss Banking Association (SBA), a trade organization for Switzerland's financial institutions, said in a statement. "This is of crucial importance because international clients rely very much on the predictability and stability of the Swiss legal system." (See the top 10 scared traders...
...long-term effects of the agreement on the Swiss banking industry, however, are difficult to predict, experts say. "The settlement is a success for Switzerland and its financial center because it takes away a lot of pressure," says Teodoro Cocca, a former professor of wealth and asset management at the Swiss Finance Institute in Zurich. "But what is disturbing is that it contains elements of a 'fishing expedition,' and potentially other Swiss banks that have U.S. clients could be put under similar pressure." (See the top 10 tax dodgers...