UBS manager charged over tax evasion: source

AFP - [email protected] • 29 Jun, 2012 Updated Fri 29 Jun 2012 16:48 CEST

French authorities have charged a manager with the local affiliate of Swiss bank UBS in connection with a probe into alleged tax evasion, a judicial source told AFP on Friday.

The man -- charged with money laundering and complicity in illegal soliciting of business -- is the first charged in the investigation opened last year into the bank's business practices, the source said.

UBS is suspected of having helped clients hide transfers of funds between France and Switzerland and of allowing its Swiss operations to illegally canvass for clients in France.

UBS paid a $708 million fine to the United States in 2009 to settle a tax fraud case which charged that it helped US citizens open offshore accounts to avoid paying taxes.



AFP 2012/06/29 16:48

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