Investigators search ubs bank offices in germany

Investigators search UBS Bank offices in Germany

In the investigation of tax evasion against customers of the bank, the business premises of ten German branches were searched, said Bernd Bieniobek, senior public prosecutor in Bochum, confirming an online report of the “Wallstreet Journal Deutschland”.

Investigators from the main public prosecutor’s office for white-collar crime are looking for business documents from which further findings and evidence of tax evasion by accused customers from Germany can be obtained, they said.

Numerous UBS bank clients have been targeted by authorities since late 2012. Based on data from a tax CD purchased by the state of North Rhine-Westphalia, investigations have been underway ever since. In about 750 cases, customers are accused of not having declared income from taxable foundation constructions, according to the senior public prosecutor.

UBS Deutschland AG pointed out in a statement that the proceedings were not directed against the bank, saying, “UBS does not tolerate any activities designed to help clients evade their tax obligations”.

He said the bank had taken steps to bring all its clients from Germany into tax compliance. It also said it was confident that by the end of 2014 at the latest, all clients from Germany will provide proof of tax compliance.

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