UBS charged with tax fraud and money laundering in Belgium

Swiss bank giant UBS has been charged with
money laundering and serious organised tax fraud in
Belgium.
A statement from prosecutors said: "The Swiss bank
is suspected of having directly, and not via its
Belgian subsidiary, approached Belgian clients to
convince them to set up constructions aimed at
evading taxes."
UBS said it would "defend itself against any
unfounded allegations".
It is the latest in a series of probes into malpractice
by banks.
The prosecutors' statement said the charges came
after "excellent" help from French authorities, who
had been looking at allegations that UBS had been
encouraging clients to open accounts in Switzerland
to avoid tax between the years 2004-12.
The US has also been looking into whether the
bank allowed its US customers to hide their wealth
from the Internal Revenue Service (IRS) to avoid
paying full tax.
In 2014, Belgian police carried out raids both at the
bank and at the homes of UBS Belgium chief
executive Marcel Bruehwiler and a client.
Mr Bruehwiler was also charged at the time.
UBS denied that its Belgian division had ever
supported tax evasion.
UBS's small Belgian subsidiary, which employed
around 60 staff including 20 private bankers, has
since been sold to Belgian private bank Puilaetco
Dewaay.