Open

Coming up

Don't miss

Replay


LATEST SHOWS

IN THE PAPERS

57 000 little problems

Read more

IN THE PAPERS

The Sarkozy 'threat'

Read more

BUSINESS DAILY

Budget challenge for India's new government

Read more

DEBATE

Africa's Newest Failed State: How to Stop Civil War and Famine in South Sudan? (part 2)

Read more

DEBATE

Africa's Newest Failed State: How to Stop Civil War and Famine in South Sudan?

Read more

MEDIAWATCH

Israeli strikes on Gaza as seen on social media

Read more

INSIDE THE AMERICAS

World Cup humiliation for host nation

Read more

DEBATE

Israel and the Palestinians: How to Break the Cycle of Violence?

Read more

AFRICA NEWS

Somalia : Al Shebab attack on presidential palace

Read more

  • Israel steps up airstrikes as diplomacy gets under way

    Read more

  • Argentina beat Netherlands on penalties to reach World Cup final

    Read more

  • Foiled French jihadist ‘targeted Louvre and Eiffel Tower’

    Read more

  • Obama in Texas to urge congressional action on child migrant crisis

    Read more

  • Iraq’s heritage 'in danger' from ISIS militants

    Read more

  • Froome crashes out of Tour de France

    Read more

  • South Sudan independence heroes ‘have lost their way’

    Read more

  • 100 years on, the Tour de France returns to the Western Front

    Read more

  • Dozens of blindfolded bodies found south of Baghdad

    Read more

  • Alps Murder wife had ex-husband who died on same day

    Read more

  • Both candidates say they won Indonesian presidential election

    Read more

  • Brazil players should never wear 'sacred uniform' again, press says

    Read more

  • Exiled Syrian opposition elects new president

    Read more

  • Ukraine imposes new conditions on peace talks with pro-Russia rebels

    Read more

  • Sarkozy's UMP party 'almost €80 million in debt'

    Read more

France

UBS France 'put under formal investigation'

© AFP

Video by Nicolas BAKER

Text by NEWS WIRES

Latest update : 2013-06-01

Swiss bank UBS’s French branch was put under formal investigation on Friday over allegations it tried to persuade French clients to set up undeclared bank accounts in Switzerland, a legal source said.

Paris investigators placed the French branch of Swiss bank UBS under formal investigation Friday on suspicion it helped try to persuade rich French clients to open undeclared accounts in Switzerland, a legal source said.

UBS was also named as an "assisted witness" in an investigation into a money laundering operation that was part of a tax fraud, the source added.

The alleged offences date back to the 2000s, the source said.

Investigators suspect UBS allowed its Swiss staff to illegally approach French clients, and to have set up a shadow accounting system to hide movements of capital between France and Switzerland.

A former head of UBS France, Patrick de Fayet, a former head of the bank's office in the northern French city of Lille and a UBS executive in the eastern city of Strasbourg are already under investigation.

The French probe was launched after allegations from a former UBS employee turned whistleblower.

An anonymous note seen by AFP that was sent to the ACP, the Bank of France's regulatory arm, alerted the body to the parallel accounts that ran between 2002 and 2007. These listed accounts opened in Switzerland by businesses but not declared in France.

The investigating magistrates handling the UBS affair have sent a list containing 353 names of people suspected of having held a Swiss account and have requested details from the Swiss authorities.

The issue jumped back to the top of the government's agenda in the wake of a scandal surrounding the former budget minister Jerome Cahuzac who in April was himself placed under investigation for tax fraud.

After months denying the allegations, Cahuzac had admitted to opening an undeclared Swiss bank account in 1992, and, after Switzerland pledged to cooperate with foreign tax authorities in 2009, transferring the some 600,000 euros ($770,000) to Singapore.

His role as budget minister included tackling tax evasion.

(AFP)

Date created : 2013-06-01

  • FRANCE

    France launches public inquiry into tax fraud scandal

    Read more

  • FRANCE

    Hollande targets offshore havens after tax scandal

    Read more

  • FRANCE

    Socialists drop Cahuzac from party after tax scandal

    Read more

Comments

COMMENT(S)