UBS warns US clients IRS may get their data

American clients of UBS AG were formally warned by the bank that their undeclared income in Switzerland may be revealed to US tax authorities,according to a letter obtained by Reuters on Friday.

The Swiss bank,which agreed to hand over 4,450 account names to the US government in August,told clients they have 20 days to appoint a lawyer in Switzerland,or be assigned one by the Swiss authorities,according to the letter,dated September 10.

The process may ultimately result in the submission of your account documents 8230;. to the IRS US Internal Revenue Service and the loss of the opportunity to participate in the IRS Voluntary Disclosure programme, the letter said.