UBS Group AG building in St. Gallen. UBS maintains strict banking secrecy practices which have been used to facilitate tax evasion
The Swiss investment bank and financial services company, UBS Group AG, has been at the center of numerous tax evasion and avoidance investigations undertaken by U.S., French, German, Israeli, and Belgian tax authorities as a consequence of their strict banking secrecy practices.
The first major tax evasion controversy the bank was involved in occurred in 2007. Bradley Birkenfeld, an American banker stationed at UBS Switzerland AG, broke Swiss banking secrecy laws to disclose client information to the U.S. Department of Justice (DOJ) alleging suspected tax evasion. After the DOJ opened an investigation, UBS was fined US$780 million and reached a limited deferred prosecution agreement that was seen as a historically significant event in the banking industry of Switzerland. Despite the brief lapse in banking secrecy, the country has strengthened its banking secrecy laws and UBS adopted an international "Client Privacy Code" to protect client information from disclosure.
Since the initial "Birkenfeld Disclosure", UBS has been at the center of various other tax evasion investigations undertaken by multiple international governments and tax authorities. It has been investigated by U.S. authorities since 2015, Belgian authorities since 2014, French authorities since 2013, German authorities since 2012 and Israeli authorities since 2011.
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investment bank and financial services company, UBS Group AG, has been at the center of numerous taxevasion and avoidance investigations undertaken by U...
misbehaviour by UBS Deutschland AG." In 2014, the French government launched an investigation into UBS France's alleged abetting of taxevasion by French taxpayers...
five continents. UBS has been at the center of various taxevasion investigations and other criminal investigations since its founding. UBS was fined $100...
program was that UBS, a Swiss bank, had registered as a QI with the IRS in 2001 and was later forced to settle in the UBStaxevasioncontroversy with the U...
should not be confused with taxevasion, which is illegal. Both taxevasion and tax avoidance can be viewed as forms of tax noncompliance, as they describe...
2007–2008 financial crisis and tax issue disputes between Switzerland and other countries such as the UBStaxevasioncontroversies. Since 2019, the current...
fined $2.6bn in US taxevasion case". Switzerland News.Net. Archived from the original on 21 May 2014. Retrieved 20 May 2014. "UBS agrees $3.25bn rescue...
numerous controversies over its business practices, raising concerns about the bank's ethical practices and regulatory compliance. These controversies have...
among Swiss banks after UBS and the biggest pure-play private bank. The bank's reputation has been marred by various controversies and legal challenges....
their place of birth. Furthermore, in the aftermath of the 2009 UBStaxevasioncontroversy, the U.S. government began concerted efforts to identify U.S...
an investigation into UBS's role in facilitating taxevasion by its US clients. The EBK concluded, among other things, that UBS's “top management” was...
arrested and charged with tax fraud. Then in June 2020, a second former partner was charged with aiding and abetting taxevasion in the scandal. In 2020...
cracking down of offshore taxevasion. He is largely credited with being the key leader in shifting the paradigm of taxevasion and bank secrecy. In August...
Argentina's main taxing authority accused HSBC of using fake receipts and dummy accounts to facilitate money laundering and taxevasion. In early February...
Deutsche Bank the fourth-largest money management firm in the world after UBS, Fidelity Investments, and the Japanese post office's life insurance fund...
11 March 2012. Retrieved 27 June 2012. "Cognizant acquires India unit of UBS for $75m". The Times of India. 16 October 2010. Archived from the original...
sanctioned as "an uncooperative tax haven". United States Attorney General Eric Holder, who as a former attorney for UBS AG has recused himself from the...
Brad Birkenfeld is a former banker and wealth manager with UBS who exposed massive taxevasion in the Swiss banking system. He made history in 2012 when...
bankers in its UK offices were offering services that could facilitate taxevasion and money laundering. As confirmed by the same article "the regulators...
and ethical violations, including alleged self-dealing and possible taxevasion. Also in 2016, the New York Attorney General determined the foundation...
private bank UBS. Because of this, he recused himself from participating in the Department of Justice investigation of UBS's abetting of taxevasion by U.S...
countries to renegotiate the EU savings tax directive and to sign an agreement to help each other crack down on taxevasion and avoidance. Currently authorities...
be on trial. His wife, Rosmah Mansor, also faces money-laundering and taxevasion charges, to which she has pleaded not guilty. April 3: Najib is sworn...
a quid pro quo with the U.S. to limit a multibillion tax probe against Swiss banking group UBS. In December 2009, the U.S. reported that, since 2002...
Browning, Lynnley (January 18, 2010). "Swiss Banker Blows Whistle on TaxEvasion". The New York Times. Retrieved January 17, 2011. Vulliamy, Ed (January...
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