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France investigates UBS for suspected tax avoidance offense
July 23, 2014 / 5:55 PM / 3 years ago

France investigates UBS for suspected tax avoidance offense

PARIS, July 23 (Reuters) - Swiss bank UBS was placed under formal investigation in France on Wednesday on suspicion that it helped wealthy French customers avoid tax authorities, a spokesman at the bank’s French subsidiary said.

Three former and current executives with UBS’ French subsidiary were also individually placed under investigation, the spokesman said.

Last year, a French prosecutor put the UBS head office and its subsidiary in France under formal investigation on related charges of illegal sales practices and complicity in illegal sales practices, respectively.

The alleged sales practices in question involved seeking out wealthy customers in France who would be interested in opening bank accounts inaccessible to French tax authorities.

French judicial authorities probing UBS over the allegations visited the bank’s Paris headquarters in November, a UBS spokesman said. (Reporting by Chine Labbe; Additional reporting by Katharina Bart in Switzerland; Writing by Nick Vinocur; Editing by David Holmes)

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