US won’t target more Swiss banks on tax-US diplomat

* U.S. ambassador to Switzerland sees no more UBS-like cases

* He tells newspaper Le Temps Swiss worried about FATCA bill

ZURICH, July 24 (BestGrowthStock) – The United States, which
targeted Swiss bank giant UBS (UBSN.VX: ) in a damaging tax fraud
probe last year, is not planning to carry out new tax
investigations against Swiss banks, the U.S. ambassador to
Switzerland said.

Asked whether he envisaged new probes after the Swiss
parliament ratified a Swiss-U.S. deal in June that put an end to
the UBS (UBS.N: ) tax saga, Donald Beyer told Swiss newspaper Le
Temps on Saturday he was not aware of any new probe.

“To my knowledge no such thing is planned,” Beyer, who
became the top U.S. diplomat in Berne last year, was quoted as
saying by the Swiss paper.
“The American government appreciates the good faith which
Switzerland has shown during the ratification of the accord and
its efforts to rid itself of its past as tax haven.”

UBS agreed to pay $780 million in February 2009 and shared
confidential bank data of about 280 of its clients to settle tax
fraud criminal charges. Later that year Berne agreed to hand
over to Washington bank data related to a further 4,450 clients
of UBS, piercing a hole into Swiss bank secrecy laws.

The U.S. Department of Justice continues to go aggressively
after U.S. citizens who have hidden assets abroad.
In February, top Justice Department lawyer Kevin Downing,
who handled the UBS inquiry, said U.S. tax prosecutors were
examining more than 7,000 accounts from foreign banks beyond
UBS, leading to expectations a new tax probe could materialise
soon. [ID:nN25255291]

Beyer said Swiss officials were these days more concerned
with the newly approved Foreign Account Tax Compliance Act
(FATCA), a U.S. bill adopted in March that will force non-U.S.
banks to automatically share a vast amount of information
regarding the bank dealings of their U.S. clients.

“In reality, the greatest fear of my Swiss interlocutors
concern the FATCA law,” Beyer said.

“They fear that conforming with it will lead to prohibitive
costs. We are doing our best to allay these fears.”

Stock Market Advice

(Reporting by Stephanie Nebehay in Geneva and Lisa Jucca in
Zurich)

US won’t target more Swiss banks on tax-US diplomat