Swiss To Open Books On U.S. Tax Cheats

Swiss authorities are about to open their books on U.S. tax cheats using Swiss bank UBS for cover.

 BERN, Switzerland — Swiss authorities are about to open their books on U.S. tax cheats using Swiss bank UBS for cover.

The first 500 of roughly 4,500 names was given to the Swiss authorities at the beginning of this month.

But the first of many “on-going decisions” to make them accessible to U.S. tax authorities happened last week.

The type of U.S./UBS clients effected include those with over $248,040 in assets.

The records of nondisclosed accounts will be handed over if between 2001 and 2008, the acount had over a million francs, Swiss justice officials said.

This disclosure is a part of agreements Swiss and American governments entered in August.

Swiss banks are known being the world’s largest wealth manager.