Top Swiss court allows French tax authorities access to UBS accounts

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In a landmark decision for the Swiss banking sector, Switzerland’s highest court on Friday ruled in favour of a request from the French tax authorities to gain access to the personal records of around 40,000 accounts held with Swiss bank UBS by French residents, and which are estimated to total assets of up to 11 billion euros.

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France’s tax authorities have been granted access to the data records of around 40,000 French clients of Swiss bank UBS in a ruling announced on Friday by Switzerland’s Federal Supreme Court that is regarded as a landmark decision for the country's secretive banking sector.