GENEVA (Reuters) – The deal initialed last week between the United States and Switzerland over UBS will involve the disclosure of around 5,000 holders of secret Swiss accounts, weekly newspaper NZZ am Sonntag said on Sunday.
Another Swiss weekly, Sonntag, said around 4,500 names would be handed over.
U.S. tax authorities had sued UBS to disclose 52,000 U.S. clients suspected of tax evasion, dispels a big cloud hanging over the world's second biggest wealth manager.
It also formally leaves Switzerland's cherished banking secrecy intact, although many Swiss private bankers say it has been badly damaged.
NZZ am Sonntag, citing its own researches and reports in the U.S. press, said the deal would be based on the existing U.S.-Swiss double taxation agreement of 1996, and therefore not require any changes to Swiss law.
As a result, the Swiss cabinet will be able to implement the deal directly, without going through parliament, it said. UBS will also escape having to pay a fine, it said.
The deal will probably be signed this week, a source familiar with the situation told Reuters on Friday.
A spokesman for the Swiss justice department declined to comment, noting that the two sides had agreed not to release details of the deal until it is signed. A spokesman for UBS also declined to comment.
Under a previous agreement, UBS settled criminal charges that it had facilitated tax fraud by paying $780 million and handing over data on about 250 U.S. clients.
http://news.yahoo.com/s/nm/20090816/bs_nm/us_ubs
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