German tax inspectors have just spent 11 days searching the Frankfurt offices of UBS as part of a probe into possible tax evasion by the bank's clients, a spokesman for the prosecutor in Mannheim, said on Tuesday.
Reuters reports that the move is part of a broader campaign by the German authorities to fight tax evasion, following similar raids to unearth possible untaxed funds hidden in accounts at Credit Suisse and Julius Baer.
On 8th October, two prosecutors and 50 staff searched the UBS offices in Frankfurt as well as the private premises of some bank staff, the spokesman for the Mannheim prosecutor said on Tuesday.
Four members of staff are being investigate on suspicion of helping clients to evade taxes, and a dozen clients are under investigation for suspected tax evasion, the spokesman said.
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