View more on these topics

UBS in new tax evasion probe

UBS is being investigated in the US over whether it helped Americans evade tax through banned investments.

The BBC reports the Swiss bank is being investigated over the potential sales of “bearer bonds”, which can be transferred without registering ownership and so allowing clients to potentially hide assets.

The investigation is being carried out by the Securities and Exchange Commission and the US Attorney’s Office for the Eastern District of New York.

The bank told the BBC: “We are co-operating with the authorities in these investigations.”

UBS has already paid a settlement of $780m (£512m) in a separate probe by the US Justice Department.

The Swiss bank was among the banks fined in November by UK and US regulators over foreign exchange manipulation. It paid 774m Swiss francs in total, and also paid $300m to settle charges it helped German clients evade tax.

It comes as the pressure mounts over allegations that HSBC’s private Swiss bank helped up to 1,100 British clients avoid paying tax.


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm