FRANKFURT, July 21 The German operations of
Swiss bank UBS could be fined more than 150 million
euros ($197 million) in connection with an investigation of
alleged tax avoidance by the lender's German clients, a German
magazine reported on Sunday.
Der Spiegel did not cite sources for its report but said
that more money escaped tax than in a similar case, which rival
lender Credit Suisse paid 150 million euros to settle.
Prosecutors searched 10 UBS offices this month as part of
the investigation launched last year after the purchase of a CD
with details of UBS clients by the German state of North
Der Spiegel said that German tax authorities are considering
buying at least three more UBS data packages to aid their
UBS on Sunday said it was not aware of any new information
in the case and repeated that it would not tolerate any activity
aimed at helping clients to evade taxes.
"UBS has been demanding for some time that German clients
serviced outside Germany bring their tax situation in order," a
UBS spokeswoman said.
"Current and new clients must show that they have met their
obligations to the tax authorities."
The number of people voluntarily reporting their financial
affairs to the tax authorities in North Rhine-Westphalia rose
sharply in the first half of the year as news of the
($1 = 0.7611 euros)
(Reporting by Jonathan Gould; Editing by David Goodman)