(RTTNews) -  Swiss banking firm UBS AG (UBS: News ) announced Wednesday that it would give the U.S. Internal Revenue Service details on 4,450 accounts suspected of holding Americans' undeclared assets.

The information will be turned over due to a recent agreement between Switzerland and the United States that mandates UBS turn over the information.

According to a statement released by the IRS, the agency will submit a treaty request to the Swiss government regarding the accounts, and Switzerland will then direct UBS to initiate procedures to turn over information on thousands of accounts to the IRS.

“The IRS will receive information on accounts of various amounts and types, including bank-only accounts, custody accounts in which securities or other investment assets were held and offshore company nominee accounts through which an individual indirectly held beneficial ownership in the accounts,” the statement said.

The U.S. government has long been trying to bypass the secrecy of the Swiss banking system in order to catch tax evaders. The IRS said the secret accounts they are trying gain information about have held as much as $18 billion in the past.

Commenting on the news, IRS Commissioner Doug Shulman said, “I am very pleased that we have successfully concluded negotiations that will result in our receiving what we wanted all along from the beginning of our investigation into UBS.”

“We will be receiving an unprecedented amount of information on taxpayers who have evaded their tax obligation by hiding money offshore at UBS,” Shulman added.
He continued, “This agreement sends an unmistakable message to people hiding income and assets offshore. The IRS will vigorously pursue tax cheats around the world, no matter how remote or secret the location.”

The U.S. has previously sought a federal court order demanding that UBS identify the holders of 52,000 accounts, but the Swiss government promised to prevent the disclosure of that information.

In a statement released to the media, UBS Chairman Kaspar Villiger said that the agreement helps UBS resolve one of its "most pressing issues," and that the bank welcomes "the fact that the information-exchange objectives of the settlement can be achieved in a lawful manner."

"I am confident that the agreement will allow the bank to continue moving forward to rebuild its reputation through solid performance and client service," Villiger said.

The fight to get disclosure has been a controversial issue in recent months, as Switzerland has wanted to preserve its reputation for privacy in banking.

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