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GENEVA — Embattled UBS AG has warned that Switzerland’s financial industry is at risk unless lawmakers approve a tax treaty with the U.S., and that other Swiss banks may be next to face pressure from American regulators.
In a letter to parliamentarians, the banking company said the U.S. Internal Revenue Service has collected information on the cross-border activities of about 20 Swiss banks and may press for a crackdown on American tax evaders at these institutions as well.
