Julius Baer cooperating in French probe

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Julius Baer is cooperating in a French investigation into suspected money laundering and tax fraud by a former client involved in the European carbon allowances market, a spokeswoman said, following French media reports.

Reuters reports that news agency AFP said last week the bank is suspected of receiving funds in a Swiss account that were linked to value-added tax (VAT) fraud in the EU Emissions Trading System, and of failing to perform adequate client checks.

Julius Baer had referred to the investigation in its half-year report on July 21 but had not said it concerned the carbon market.

'In the context of an investigation against a former client regarding alleged participation in a tax fraud in France, a formal procedure into suspected lack of due diligence in financial transactions has been initiated against (the bank) in June 2014,' the bank said.

Hit the link below to access the complete Reuters article:

Swiss bank Julius Baer says cooperating in EU carbon market tax fraud probe

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