Tax Notes Article by David D. Stewart: "U.S. May Accept Disclosure of Fewer Names in UBS Case"

Tax Notes has published an article by David D. Stewart, tax analyst. The article discusses how the United States government is seeing to compromise with UBS AG, a diversified global finance company based in in Switzerland, and Swiss government officials. The compromise centers around names asked for by the U.S. government under a John Doe Summons. This report comes from a Swiss Newspaper, the SonntagsZeitung. Reportedly, instead of asking for client data on up to 52,000 UBS accounts, the U.S. DOJ would receive the name of only 10,000 clients, specifically those whom met with Swiss Bankers in the United States between 2001 and 2007. A report from the U.S. Senate Homeland Security and Governmental Affairs Permanent Subcommittee on Investigation says that UBS bankers regularly traveled to the United States in order to meet with both current and prospective clientele. Additionally the report indicates UBS officials designed training materials to teach bankers how to hide certain activities from U.S. officials. A hearing is scheduled for August 3, after both parties wished to delay the original proceedings, scheduled for July 13.