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The Swedish financial chief known as "Mr Fix It" has been summoned to Washington to advise on how Sweden's model might avert a global banking meltdown.
U.S. authorities have withdrawn a request for administrative assistance from Switzerland concerning tax fraud by clients of UBS (UBS.N)(UBSN.VX), the Swiss government said on Thursday.
A spokesman for Switzerland's Federal Tax Administration said the request was related to a criminal case, which was settled after UBS agreed to identify certain U.S. clients and pay a $780 million fine.
"The U.S. Internal Revenue Service (IRS) has withdrawn the request for administrative assistance submitted in July 2008 in the case involving UBS," the Federal Tax Administration said in a statement.
UBS disclosed the identity of about 300 U.S. clients to avert criminal charges that Swiss regulators said would have put its existence at risk and hurt the economy, a decision that has brought the country's banking secrecy into question.
UBS is still fighting a U.S. civil case that is seeking to force the bank to reveal the names of 52,000 clients suspected of dodging taxes by stowing cash in Swiss accounts and is seen as a threat to Swiss banking secrecy and UBS's reputation.
The IRS declined to comment. Source