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Leading Swiss bank UBS turned in a strong profit performance in the second quarter, but highlighted on Tuesday the stark risks financial institutions face from campaigns by tax and regulatory bodies. This came as many governments hit by the financial crisis were clamping down on cross-border tax evasion. Large parts of the Swiss banking industry is having to adapt to a new environment of reduced banking secrecy. Germany is an important market for UBS, which said that more than 95.0 percent of its German customers had provided proof either that their taxes were in order or that they were coming clean to the authorities.
By William James LONDON (Reuters) - Prime Minister David Cameron on Tuesday set out new welfare rules to cut access to social security payments for migrants from the European Union, the latest in a string of British measures aimed at addressing voter concern over immigration. Writing in The Daily Telegraph newspaper, Cameron said that from November migrants coming to Britain from the EU to find work would be entitled to claim unemployment and child benefits for three months, rather than the previous six months. In a bid to stop voters defecting, Cameron has said he wants to cut net migration and has targeted those who he says come to Britain solely to tap its benefit system. "We’re ... making sure people come for the right reasons – which has meant addressing the magnetic pull of Britain’s benefits system," Cameron said.