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UBS 'Not Under Criminal Investigation' In Germany

by Ulrika Lomas, Tax-News.com, Brussels

29 September 2017


Swiss bank UBS has issued a statement rejecting claims that it is the subject of a criminal investigation by the German authorities for allegedly facilitating tax evasion.

Wirtschaftswoche magazine reported that around 130 investigators recently searched the bank's offices in the German city of Bochum. It was reported that the investigation was linked to bank account information obtained by the German state of North Rhine-Westphalia from an anonymous informant relating to almost 2,000 Swiss bank clients.

However, in subsequent statements reported widely in the media, UBS said that while it is cooperating with the German authorities, it is not the subject of a formal investigation.

"The investigation of the German authorities is not related to a criminal or civil proceeding against UBS," the bank said.

TAGS: tax | Germany | Switzerland | Tax | Tax Evasion

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