The lower house of the Swiss Parliament this morningvoted down a deal that would have allowed Swiss bank UBS to share data on closeto 4,500 of its account holders with U.S. authorities.
The deal was signed between the two countries lastAugust, and was approved by the upper house last week (see Swiss LegislatorsSupport U.S. Tax Deal). Legislators took up the issue after a Swiss court ruledthat the deal, which was aimed at identifying potential U.S. tax evaders,violated Switzerland's banking secrecy laws.
Today's 104-76 vote does not kill the deal, however, asthe two houses can still negotiate a compromise. The current parliamentarysession ends on June 18, however, so lawmakers will have to hurry.
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