The Obama administration is insisting that Swiss bank UBS reveal the identities of 52,000 account holders whose names are sought in connection with a US investigation into tax evasion.

In papers filed yesterday in the US district court in Miami, the justice department responded to UBS’s opposition to releasing the names. In court filings and a diplomatic note, the Swiss government has said the lawsuit would “seriously jeopardise” efforts to revise a 1996 tax treaty. – (Bloomberg)