He also stated that UBS is working with the U.S. Government to identify the names of U.S. clients who may have engaged in tax fraud.  There are approximately 19,000 accounts in question. 

Although client identity is generally protected from disclosure under Swiss law, the UBS media release states that privacy protections do not apply when disclosure of client names is requested in connection with an investigation of tax fraud and where the requests are presented to the Swiss government through established legal channels. 

If you have a client with a Swiss account that is requesting your advice, be careful with your response. There is no point in risking a malpractice claim for providing bad advice or by failing to make sure that all communications are protected by an attorney-client privilege. 

For the lastest news regarding the UBS Swiss bank account disclosure to the IRS Click Here.