Swiss Finma defends role in UBS furore
Monday 29 November 2010 - by Will Henley
The Swiss Financial Market Supervisory Authority has defended its impartiality following a tax evasion crisis involving UBS bank.
While insisting that no new investigation was necessary, Finma however said that it would demand a declaration from individual ex-UBS employees that they had "no knowledge of any breaches of duty" under Swiss law.
UBS, which was hit by a series of writedowns on toxic assets following the financial crisis, was accused of helping wealthy American investors of evading tax using offshore accounts.
The 69-page report by the parliamentary Control Committees of the National Council and the Council of States in May suggested that the government had pressurised Finma to order UBS to hand over client data on individuals suspected of evading US tax.
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