UBS: New Treaty Request Instead Of Unilateral Action; Agreement between Switzerland and the USA enters into force
Bern, 19.8.2009 - In the UBS case, the United States will submit a new treaty request to Switzerland and will withdraw the John Doe summons that demands disclosure of the identity of 52,000 UBS account-holders. In return, Switzerland has undertaken to process the new treaty request, concerning approx. 4,450 accounts, within a year. These are the terms of the agreement between Switzerland and the USA to settle the looming conflict between the two nations' legal systems.