Swiss fear fallout from U.S. investigation of UBS

07/3/2008 | Agence France-Presse

Swiss politicians are worried about the fallout that a mounting U.S. tax-evasion investigation would have on their banking industry. U.S. prosecutors will serve Zurich's UBS with a formal demand for evidence. A former UBS banker pleaded guilty last month to helping wealthy clients evade U.S. taxes by stashing assets in Swiss accounts. An economic panel of the Swiss parliament said it was "worried about the eventual negative consequences of this case for the Swiss financial center and plan to follow the situation attentively."

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