FRANKFURT Oct 22 German tax inspectors have
just spent 11 days searching the Frankfurt offices of Swiss
wealth manager UBS as part of a probe into possible
tax evasion by the bank's clients, a spokesman for the
prosecutor in Mannheim, said on Tuesday.
The move is part of a broader campaign by the German
authorities to fight tax evasion, following similar raids to
unearth possible untaxed funds hidden in accounts at Credit
Suisse and Julius Baer.
Credit Suisse paid 150 million euros ($205.13 million) in
2011 to end an investigation of its employees in Duesseldorf
over allegations that they helped Germans dodge taxes. Julius
Baer struck a similar deal, while UBS has yet to do the same.
On October 8, two prosecutors and 50 staff searched the UBS
offices in Frankfurt as well as the private premises of some
bank staff, the spokesman for the Mannheim prosecutor said on
Four members of staff are being investigate on suspicion of
helping clients to evade taxes, and a dozen clients are under
investigation for suspected tax evasion, the spokesman said.
Tax investigators were at the UBS premises from Oct. 8 until
Oct. 17 looking at asset flows, the Mannheim prosecutor's office
"We are looking at the transfer of a seven-digit-figure
amount," the spokesman said.
A spokeswoman for UBS said the bank is cooperating with the
authorities, adding that the probe by prosecutors is part of an
investigation into asset flows which has been underway since
"Internal investigations into the matter have shown no signs
of inappropriate behaviour on the part of UBS Deutschland AG. We
in no way support client actions to evade taxes," she said.
(Reporting by Edward Taylor; Editing by Greg Mahlich)