UBS Faces Widened Tax-Evasion Probe In France

Law360, New York (June 7, 2013, 6:25 PM EDT) -- French prosecutors on Friday reportedly placed Swiss bank UBS AG under formal investigation for allegedly helping wealthy clients dodge taxes by opening undeclared bank accounts in Switzerland.

The Swiss bank was placed under investigation for “complicity in illegal sales practices," an official at the Paris prosecutor's office told the BBC news organization. The probe was confirmed by the bank on Friday.

The widened investigation comes one week after the bank’s French unit was placed under investigation on similar allegations of tax evasion, the BBC said....
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