Swiss to help Dutch gov't track hidden assets at UBS

The Swiss tax authorities have agreed to give the Netherlands information about Dutch nationals who have accounts with UBS, the largest bank in Switzerland. This only involves Dutch UBS account holders who could not prove that they have fulfilled their tax obligations, news wire ANP reports. The bank first approached their account holders with questions about the taxes they paid. The Dutch tax authorities will now receive the outcome of the investigation. The Dutch tax authorities want this information to help track hidden assets. It is not yet clear exactly how much information the Dutch tax authorities will receive. A spokesperson told NU that the information exchange with the Swiss is still ongoing. The spokesperson added that the intention is to exchange this type of information more automatically in the future. According to Swiss media, this step will eventually lead to the death of the ancient Swiss banking confidentiality.