Switzerland's highest court has ruled that historical data about 40,000 UBS...
) clients must be handed to French tax authorities in a landmark case that could set a precedent for foreign governments seeking information from Swiss banks.
The Supreme Court’s ruling is being closely watched for the impact it might have on the Swiss bank’s 4.5 billion euro legal battle with France in a criminal case over alleged tax avoidance by UBS clients. Although Switzerland exchanges bank account data on existing clients with dozens of countries to crack down on cross-border tax cheats, court cases such as the UBS dispute with France are highlighting potential legacy issues in Europe.
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