That may be the last chapter for Wegelin but not for the Swiss banking debacle.
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With branches only in Switzerland, Wegelin claimed it was bound only by Swiss banking laws.
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And the industry can no longer rely on Swiss banking secrecy to attract assets.
Another hedge fund bites the dust, this one a unit of the Swiss banking giant UBS .
The Swiss banking system has thrived for decades on the back of secrecy it provides account holders.
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Swiss banking rules permit client secrecy and U.S. and Swiss officials are holding negotiations over the summons.
The Swiss banking giant also agreed to hand over the identities and account information of certain US clients.
This would spell the end of Swiss banking secrecy and be a fatal blow to other tax havens.
The Swiss banking giant UBS also keeps its North American headquarters in Stamford.
Swiss banking group UBS has announced it is to cut 3, 500 jobs globally as part of its cost savings programme.
EBK, the Swiss banking watchdog, has made it clear that prudence and sobriety are to be the watchwords once more.
Congress is being asked to look into Swiss banking giant UBS amid questions over its handling of bank-note transactions for Cuba.
John Doe summons that blew the lid off Swiss banking in 2008.
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Swiss banking secrecy came under attack after the second world war when the allies asked for German assets to be handed over.
With branches only in Switzerland, Wegelin claimed to be bound only by Swiss banking laws, brazenly scooping up deposits after UBS jettisoned Americans.
The Swiss banking regulator, Finma, has told the BBC it is in contact with Bank Sarasin about the claims - but it has not launched an investigation.
The complaint is another headache for the Swiss banking giant, which also faces a U.S. federal probe into whether it helped U.S. private banking clients avoid U.S. taxes.
In court, Wegelin's managers said they knew it was wrong, but thought they would not be prosecuted because it was legal in Switzerland and common practice in Swiss banking.
The news that Switzerland's oldest private bank will cease to operate has potentially huge implications for Switzerland's entire banking sector, and for the long tradition of Swiss banking secrecy.
In 2006, in a case against billionaire Igor Olenicoff, the IRS succeeded in leveraging the Swiss banking giant, UBS, to release data on thousands of bank accounts held by Americans.
While there may be fundamental conflicts between disclosure and the traditions of Swiss banking, the Swiss are finding ways to honor their traditions and still satisfy the IRS and DOJ.
As part of an effort to uncover tax fraud, the U.S. Justice Department in July issued a summons for Swiss banking giant UBS to turn over the names of U.S. clients.
Zurich, the most populous of the cantons, and the heart of the Swiss banking world, plans to start compulsory English at an early age, maybe even from the first class, the six-plus lot.
The case of Wegelin is a stark one: a bank that first opened its doors in 1741 has had to close because it used the long tradition of Swiss banking secrecy to help clients avoid tax.
In 2009, amidst publicity regarding its enforcement efforts with respect to the Swiss banking giant UBS, the IRS offered the OVDP as a means by which taxpayers who had failed to report offshore accounts could resolve criminal and civil responsibility.
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As part of an effort to uncover tax fraud, the U.S. Justice Department in July issued a summons for Swiss banking giant UBS (nyse: UBS - news - people ) to turn over the names of U.S. clients.
There is also a certain amount of resentment among the Swiss banking community, many of whom feel that they are being unfairly targeted for practices which they claim are far more common in the US state of Delaware or in the City of London.
Special issue of Bulletin of the Swiss Federal Banking Commission, 2003.
These include Swiss private banking concern Julius Baer which is the third best performer in Europe with a return of more than 3% over the past week.
Last year the Swiss Federal Banking Commission ruled that the banks could not excuse themselves by saying the money came from reputable intermediary banks, or by citing the Abacha family's glowing references.
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