Swiss banking major UBS is facing a fresh inquiry for allegedly helping US clients evade taxes through investments largely banned in the US.
The bank has been accused of helping wealthy Americans hide assets, through bearer securities, according to The Wall Street Journal.
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These securities were largely banned in the US from 1982 due to their potential use in tax evasion and money laundering.
The key advantage of bearer securities is that they have an essentially cash-like function, are easily transferable and allow holders to be anonymous as ownership is not registered. As a result, these securities can be stolen and cashed easily.
UBS reportedly received a subpoena from the authorities recently related to the probe.
In 2009, the bank was slapped with a fine of $780m to settle a separate Justice Department tax-evasion probe.
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