German prosecutors search UBS clients in tax probe
November 13, 2012 12:07 AM EST
German state prosecutors have begun a country-wide search of premises of UBS
A number of state prosecutors and about 50 tax investigators were undertaking the searches of domestic German clients of UBS, Bochum state prosecutor Norbert Salamon said, adding that further action could follow.
UBS is one of several Swiss banks caught up in investigations into personal tax evasion in the United States and Europe, putting the future of Swiss banking secrecy laws in jeopardy.
Bochum prosecutors had already been carrying out an investigation based on a computer disk of data that was purchased by authorities in the state of North Rhine-Westphalia (NRW), where Bochum is located.
"UBS does not provide support to its clients for the evasion of tax obligations," a UBS spokesman said, adding that the Swiss bank had already conducted thorough checks of its business in Germany in 2009 and adjusted its rules where necessary.
NRW's finance ministry has said it has purchased six CDs of Swiss data since 2010 that point to possible German tax evaders.
UBS is also being probed by state prosecutors in the city of Mannheim over allegations of helping clients to evade tax.
The bank denied any wrongdoing in response to the Mannheim probe.
Earlier this year a number of French offices of UBS were searched as part of a probe into the alleged aiding of tax evasion.
In August UBS denied media reports it was telling wealthy Germans to move funds to Singapore and other money centres ahead of a Swiss tax deal due to come into force in January.
(Reporting by Matthias Inverardi in Duesseldorf and Oliver Hirt in Zurich; Writing by Jonathan Gould; Editing by Helen Massy-Beresford)
Most Popular Slideshows
Join the Conversation
- Tourre on stand says email in SEC case 'not accurate'
- Syrian authorities blocking access to needy in Homs - Red Cross
- Faith in European Union at low ebb, EU poll says
- Former UBS banker gets 18 months, $1 million fine, for muni bid-rigging scheme
- U.S. judge halts challenges to Detroit's bankruptcy bid
- Google HTC Nexus 9 Tablet October 24 Launch Date Benefits Many
- Apple iPhone 6 vs. OnePlus One: With Invitation-Only Model Rested, OnePlus One Can Be A Real Threat To iPhone 6
- Galaxy Note 4 vs Nexus 6: Which Smartphone Dominates
- New Windows OS Is Not Windows 9, Microsoft To Launch Windows 10 As New OS Build
- Samsung Aware Of Gap Issue On Galaxy Note 4, Mentions It As Important Manufacturing Feature In Note 4 User Manual
- ISIS Supporters are Walking Among the Many in the United States – Report
- Airstrikes Against ISIS Has Claimed Innocent Lives In Syria, Dubbed ‘Ineffective’ By Jihadi Fighters, US Military To Ask For More Spending Money