Belgium authorities have launched an investigation against Swiss banking group UBS alleging the bank of money laundering and organized crime.
The bank’s regional unit is accused of soliciting wealthy Belgian taxpayers such as CEOs and sportspersons to evade taxes by opening undeclared accounts in Switzerland, reported Bloomberg.
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Brussels prosecution department spokesperson Anja Bijnens told the news agency that Judge Michel Claise is leading the investigation.
UBS, however, has denied the knowledge of any preliminary investigation against its Belgian branch.
The bank, in a statement, told Bloomberg, "UBS conducts its business in full compliance with applicable laws and regulations. UBS does not tolerate any activities intended to help its clients circumvent their tax obligations.
The European country is latest launch the inquiry against the Swiss lender after French government placed the France unit of UBS under investigation under suspicion of luring the clients to open accounts designed to avoid taxes.
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By GlobalDataEarlier in 2012, German prosecutors caught hold of CDs containing UBS’ client info during an investigation that revealed German account holders at the Swiss bank had evaded about 204m in taxes.
