Bloomberg News reports that prosecutors said the investigation deals with activities begun a decade ago in which UBS employees allegedly targeted wealthy Belgian clients. The bankers encouraged them to open undeclared accounts in Switzerland, according to a report last month in the magazine M... Belgique, which didn’t say where it got the information. UBS Belgium helped organize the transfer of large amounts of client money to Switzerland, the magazine said.
Bruehwiler was charged with criminal organization, money laundering, illegal practice of the profession of financial intermediary and serious organized fiscal fraud, prosecutors in Brussels said today.
Bruehwiler, who was released after several hours of questioning, denied the charges, prosecutors said. Police today searched his home and that of a client, as well as the bank’s offices, officials said.
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