Don't miss

Replay


LATEST SHOWS

MEDIAWATCH

#CecilTheLion : Hunter Becomes The Hunted

Read more

THE WORLD THIS WEEK

Erdogan’s gamble: Turkey launches offensives on PKK and Islamic State Group (part 2)

Read more

THE WORLD THIS WEEK

Europe’s shame: Calais migrant crisis deepens (part 1)

Read more

FRANCE IN FOCUS

The River Seine, the lifeblood of the French capital

Read more

FOCUS

Remote learning brings hope to Brazil’s rural poor

Read more

ENCORE!

'The Little Prince', from the book to the screen

Read more

IN THE PAPERS

Indian execution like a 'Hollywood courtroom drama'

Read more

IN THE PAPERS

A new player in Syria's war

Read more

FOCUS

Bangladesh: Secular bloggers live in fear after spate of killings

Read more

Business

Authorities raid French offices of UBS in tax probe

Latest update : 2012-09-19

French authorities raided the Paris headquarters of Swiss bank UBS as well as its offices in Strasbourg, Bordeaux and Lyon on Wednesday as part of a probe launched last year into suspicions of tax evasion.

French authorities on Wednesday raided the headquarters of Swiss bank UBS in connection with a probe into alleged tax evasion, a bank spokesman said.

He said "an investigating judge came to the Paris headquarters of UBS France in connection with his probe," confirming information given by a source close to the affair.

Two people have been charged with money laundering and complicity in illegal soliciting of business following an investigation opened last year into UBS's business practices.

Police have also raided the bank's offices in Strasbourg, Lyon and Bordeaux, detaining several employees.

UBS is suspected of having helped clients hide transfers of funds between France and Switzerland and of allowing its Swiss operations to illegally canvass for clients in France.

UBS paid a fine of $708 million (544.6 million euros) to the United States in 2009 to settle a tax fraud case which charged that it helped US citizens open offshore accounts to avoid paying taxes.

Authorities in several European countries are probing suspected tax evasion involving Swiss banks, including in France and in Germany, where fiscal authorities earlier this month raided several clients of bank Credit Suisse living in the country.

(AFP)
 

Date created : 2012-09-19

  • BANKING

    UBS chief resigns over rogue trading

    Read more

  • SWITZERLAND

    Court charges UBS trader with fraud

    Read more

  • SWITZERLAND

    Parliament rejects UBS account list deal with US

    Read more

COMMENT(S)