icon bookmark-bicon bookmarkicon cameraicon checkicon chevron downicon chevron lefticon chevron righticon chevron upicon closeicon v-compressicon downloadicon editicon v-expandicon fbicon fileicon filtericon flag ruicon full chevron downicon full chevron lefticon full chevron righticon full chevron upicon gpicon insicon mailicon moveicon-musicicon mutedicon nomutedicon okicon v-pauseicon v-playicon searchicon shareicon sign inicon sign upicon stepbackicon stepforicon swipe downicon tagicon tagsicon tgicon trashicon twicon vkicon yticon wticon fm

UBS probed in Germany over alleged tax fraud

UBS probed in Germany over alleged tax fraud
German prosecutors have launched an investigation into claims that Swiss bank UBS’s German subsidiary helped its customers to evade local taxes by transferring money out of the country.

The probe was launched as German tax authorities suspected UBS employees helped investors transfer money from the Frankfurt-based unit to Switzerland through an internal account, bypassing the appropriate tax provisions, Stuttgarter Nachrichten Daily reported. The illicit money transfers are thought to date back to 2004 and lasted well into 2012, according to the paper.UBS said in a statement that it is fully cooperating with the prosecutors, but its internal investigation “has not revealed any indication of misconduct on the part of UBS Deutschland AG.”Earlier this year German and French police searched the homes of wealthy clients and the offices of UBS and another major Swiss bank Credit Suisse in an inquiry into alleged tax evasion and money-laundering.German police in Bochum and Dusseldorf raided the homes of Credit Suisse customers suspected of evading taxes. UBS's Frankfurt offices were raided in May and electronic data and other materials were seized. In France detectives raided the offices of UBS in three major cities: Lyon, Bordeaux, and Strasbourg.In 2009 the US and Swiss authorities struck a deal, forcing UBS to pay a fine and release the names of thousands of American clients, suspected of tax evasion. US authorities are still probing Swiss banks such as Credit Suisse and Julius Baer over tax offences.

Dear readers and commenters,

We have implemented a new engine for our comment section. We hope the transition goes smoothly for all of you. Unfortunately, the comments made before the change have been lost due to a technical problem. We are working on restoring them, and hoping to see you fill up the comment section with new ones. You should still be able to log in to comment using your social-media profiles, but if you signed up under an RT profile before, you are invited to create a new profile with the new commenting system.

Sorry for the inconvenience, and looking forward to your future comments,

RT Team.

Podcasts