Has UBS committed tax offences in Europe?

Swiss banking giant UBS is under investigation for money laundering and serious tax fraud in Belgium, it has been revealed. 

The latest statement from the prosecution has accused the bank of directly contacting Belgian clients in order to get them to set up ways of helping the bank avoid paying their taxes. It has been made clear that is the Swiss bank, rather than its Belgian subsidiary, that is under investigation.

The legal investigation has begun after the prosecution praised the French authorities for their 'excellent' help during the enquiry period, and is the latest installment in a series of legal probes over banking malpractice in Europe. 

The French authorities had been investigating claims that UBS had been encouraging its French clients to open their bank accounts in Switzerland, in order to help tax avoidance, between the years of 2004 and 2012. 

UBS is also under investigation in America, where the federal government are looking into allegations that the Swiss corporation had allowed its American clients to hide their personal value from the Revenue Service, avoiding paying the correct tax. 

Two years ago, chief executive Marcel Bruehwiler was charged in an investigation regarding the Belgian subsidiary of the bank, which has since been sold to private bank Puilaetco Dewaay. 

UBS denied any wrongdoing, stating that it would always look to "defend itself against any unfounded allegations".

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