UBS to cooperate with account probes

The French arm of UBS pledged on Thursday to cooperate fully with French authorities looking into a list of 38,000 accounts held by French citizens at the bank in Switzerland.

"If there have been mistakes, we will recognise them and pay," the bank said. "Our interest is that all light be shed on this so that the matter be closed as soon as possible."

Reuters reports that tax authorities forwarded the list to justice officials, a judicial source said, echoing a report in Le Point magazine.

The weekly said in an report on its website that assets held in these accounts amounted in 2008 about $13bn.

To access the complete Reuters article hit the link below:

UBS says to cooperate with French probe into 38,000 accounts

Bank of England steps up scrutiny of book-keeping at banks

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