UBS said probed in Belgium

Money On Hook

UBS is being probed by Belgian authorities over allegations of money laundering and organised crime.

Bloomberg News reports that Judge Michel Claise is leading the investigation.

UBS employees approached wealthy Belgian taxpayers including chief executive officers and sportsmen over a 10-year period, encouraging them to open undeclared accounts in Switzerland, M... Belgique magazine reported, without saying where it got the information. UBS Belgium, the bank’s local arm, helped to organize the transfer of large amounts of money to Switzerland, the magazine said.

'UBS conducts its business in full compliance with applicable laws and regulations', the bank said in a statement to Bloomberg News. 'UBS does not tolerate any activities intended to help its clients circumvent their tax obligations'. It said it was unaware of “any preliminary investigation” of its Belgian operation.

Prosecutors began the probe at the end of last year and it is based on 'very detailed' testimony, the magazine said.

To access the complete Bloomberg article hit the link below

UBS Probed in Belgium Over Money Laundering, Organized Crime

Credit Suisse Needs U.S. Nod on Pension Work After Charge

JefferiesAnd the Best Place to Work in the global financial markets 2017 is...

Register for Financial Markets News Alerts