UBS settles German tax evasion case

UBS has disclosed that it has settled with the German authorities for €403m over an investigation that it had helped German clients evade taxes.

UBS is under the spotlight

It is one of a number of Swiss banks to have been investigated by the German authorities. German prosecutors have confirmed what UBS said. They added that there are still proceedings open against some UBS individuals - but that these could be closed in return for UBS paying more fines. The largest such fine for one individual is about €250,000.Meanwhile, UBS is ‘responding to inquiries’, according to its Q2 financial statement, from US regulators over ‘dark pool’ arrangements. Source: The State Journal

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