'UBS is the problem'

Pointing Finger

The former UBS banker whose cooperation with the U.S. helped expose tax evasion by thousands of Americans says the bank used similar practices elsewhere and he’s eager to help European governments.

'It’s not a U.S. issue, it’s not a French issue, it’s a global issue. UBS is the problem', Bradley Birkenfeld said in an interview the day after testifying in a French investigation into similar allegations against UBS. 'They’ve been doing it in every market: the Greek market, the Spanish market, the Italian market, the Scandinavian market, the German - I can go on and on, you get the picture',

Bloomberg News reports that the French charged UBS last year with laundering the proceeds of tax fraud and ordered the bank to pay $1.2bn to cover a potential penalty should the criminal probe result in a guilty finding.

The judge leading the probe asked Birkenfeld to come to Paris to testify as a witness, according to a U.S. court decision authorizing the trip.

To access the complete Bloomberg News article hit the link below:

UBS Whistle-Blower Says Bank Has ‘Global’ Issue With Tax Evaders

Standard Chartered Profit Misses Estimates; Dividend Retained

JefferiesAnd the Best Place to Work in the global financial markets 2016 is...

Register for Financial Markets News Alerts