UBS maintains that turning over the account names would violate Swiss privacy law and jeopardize UBS' license to stay in business.
UBS on Feb. 18, 2009 agreed to pay $780 million in fines and restitution for conspiring to help American citizens violate their country's tax laws by hiding assets-estimated to be worth at least
$14.8 billion-from the U.S. government.
The bank says it has shut down the improper foreign-account business, and taken corrective measures to tighten its compliance and internal control systems.
Offshore tax abuse is estimated to cost the U.S. $
100 billion a year in lost tax revenue.
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