UBS cooperating with US tax authorities

Swiss banking giant UBS has agreed to hand over the details of 4,500 of its American account holders to the US tax authorities.

America had requested the names of 52,000 people it suspected of tax evasion.

However, the move brings to an end a long-running dispute between the two countries and is likely to harm Switzerland's reputation of safeguarding banks' secrets.

The Swiss Government has also agreed to consider requests for information about other banks' clients.

- NEWSTALK ZB