Friday, February 26, 2016

Belgian Charges Against UBS for Money Laundering and Tax Evasion (2/26/16)

A number of internet articles indicate that UBS has been charged with money laundering and tax evasion.  See e.g., Joshua Franklin, Belgium charges UBS with money laundering, tax fraud (Reuters 2/26/16), here.  Here are some excerpts:
A Belgian judge has charged Swiss bank UBS with money laundering and serious and organized tax fraud, Brussels prosecutors said in a statement on Friday. 
"The Swiss bank is suspected of having directly, and not via its Belgian subsidiary, approached Belgian clients to convince them to set up structures aimed at evading taxes," Brussels prosecutors said in a statement. 
* * * * 
Belgian prosecutors said they were able to firm up the case against UBS through cooperation with French authorities and the work of an inquiry committee. 
I will post more today if I obtain more details.

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