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Banking secrecy at risk?

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The veil of secrecy that has protected the wealthy clients of Swiss banks for centuries was said to be under threat after the U.S. Justice Department moved to force UBS to reveal the names of 20,000 clients.

U.S. authorities believe the Swiss bank has helped some of the wealthiest Americans to evade the equivalent of SFr 510 million in taxes.

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Under Swiss law, UBS can only reveal clients' identities to a foreign regulator or law enforcer if ordered to do so by the Swiss Government.

UBS declined to comment on any aspect of the Justice Department's investigations except to say that it was treating them "with the utmost seriousness".

The Justice Department, which has the power to bring criminal cases, has charged a former UBS banker, Bradley Birkenfeld, and a consultant based in Liechtenstein--like Switzerland, a leading...

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