UBS Is Accused of Money Laundering in Belgian Tax Caseby and
Judges also accuses bank of fiscal fraud as part of probe
Belgian prosecutor cites collaboration with French authorities
Belgian authorities accused UBS Group AG of money laundering and fiscal fraud over allegations it helped clients evade taxes, citing help from France where the Swiss bank is fighting similar accusations.
The investigating judge also accused UBS of illegally approaching Belgian clients directly rather than through its Belgian unit, according to an e-mailed statement Friday from the Brussels prosecutor’s office. UBS said it will continue to defend itself against any unfounded allegations.
The probe is continuing and the investigating judge will present his findings to prosecutors at a later date. The accusations are based on strong evidence of guilt uncovered by the investigative magistrate, said Jennifer Vanderputten, a spokeswoman at the prosecutor’s office. UBS will be given the right to access evidence supporting the allegations, she said.
The Belgian prosecutor cited “excellent collaboration” with authorities in France, where UBS is awaiting a decision on whether it will face trial for allegedly helping clients evade taxes. UBS is also accused in France of laundering proceeds from tax evasion.
Investigating judges in France wrapped up their formal investigation earlier this month, turning the case over to the national financial prosecutor who will make a recommendation on whether it goes to trial. The bank, which has called the French allegations “unfounded,” was forced to post a bail of 1.1 billion euros ($1.2 billion).
Friday’s decision came after the head of UBS’s Belgium unit was similarly accused in 2014 of money laundering and fiscal fraud as part of the probe. Marcel Bruehwiler was questioned for several hours before being released in June 2014.