"The cross-border problems with the United States can and will be solved. But the United States must understand that Swiss laws must be respected," Odier said in a statement today.
Odier’s comments came after various newspapers reported over the weekend that US deputy attorney general James Cole had issued an ultimatum to Switzerland, in which he demanded that it hand over the client data sought by the US if it is to avoid a major legal action against its banks.
Observers said the US is hoping to replicate its success in 2010, when it managed to get the details of some 4,450 US clients with accounts in UBS Switzerland.
The effort comes as a US tax “amnesty” programme is days from coming to an end. The so-called offshore voluntary disclosure initiative had been due to end on 31 August, but was extended until 9 Sept to enable people affected by Hurricane Irene to get their forms in.
‘Clients with $50,000’
The US is said to be after the bank details of all US citizens who had at least $50,000 in one of 10 Swiss banks between 2002 and 2010.
