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    bp holdings spain-UBS Germany questioned over alleged tax fraud

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    Harry Zimmermann

    von Harry Zimmermann

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    Swiss bank UBS’s German subsidiary is under investigation by local prosecutors for purportedly abetting tax fraud.

    Bank employers allegedly helped investors to hide money pass revenue departments’ authorities by transferring it to Switzerland, says Peter Lintz.

    Reported the investigation on November 8, 2012, Stuttgarter Nachrichten said illegal fund transfers reached well into 2012, money was being moved invisibly via an internal clearing account at UBS’s German branch into Switzerland. Source not specified by the paper.

    Electronic data and other hundreds of thousands materials that were confiscated in UBS’s Frankfurt offices that were raided in May are currently being analyzed by Mannheim prosecutors.

    The legal inquiries were intended for unknown representatives of UBS’s German division. Some of the bank’s customers are also among targets, added Lintz.

    As a result Swiss banks have been subject to investigations into tax evasion in the United States and Europe, throwing Swiss banking secrecy, enshrined in the republic’s laws and traditions, into jeopardy.

    Bank refuses to comment about the issue rather late Wednesday of the same year they emailed a statement trough a spokeswoman stating that the bank is already “cooperating with authorities” but denies to comment on ongoing legal procedures.

    A number of French offices of UBS were searched as part of a probe into alleged aiding of tax evasion earlier this year. In some other issues involving UBS, they deny media reports telling wealthy Germans to move funds to Singapore and other money centers ahead of a Swiss tax deal due to come into force in January.

    Since 2009, UBS has closely examined “framework conditions” for business with over 60 countries including Germany and taken steps to adjust or improve the rules wherever necessary, the spokeswoman said.