Swiss suspect fraud among UBS clients

Most of the rich people whose UBS bank accounts are to be handed over to US authorities are suspected of fraud rather than simple tax evasion, Swiss authorities revealed.

The account details of 4,450 people are due to be handed over to settle a legal dispute between the bank and the US tax agency in a deal struck in August. Switzerland claimed its banking secrecy remains intact because 4,200 accounts are being handed over on the grounds of "advanced and serious fraud".