German financial regulator investigating UBS
Germany’s financial markets regulator has opened an investigation against Swiss bank UBS, it said on Thursday.
The German Spiegel magazine had reported that authorities at BaFin were examining whether UBS’s German subsidiary had aided tax evaders.
The investigation was triggered by an earlier investigation of a German entrepreneur and UBS client. The big Swiss bank confirmed that BaFin had opened a special investigation and that it was cooperating with authorities.
Frankfurt’s city prosecutor reportedly filed a criminal complaint against UBS in February, accusing the bank of fraud and embezzlement.
Spiegel reported that the bank had arranged for a Zurich resident permit that helped the client avoid German tax authorities.
BaFin said its investigations run parallel to criminal enquiries. In contrast to judicial authorities, BaFin’s investigation cannot result in sanctions against the bank. It is being carried out primarily for preventive measures.
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