08 Aug 2019
Italy’s tax authorities have made a request to their Swiss counterparts for information about possible tax evasion by UBS (UBSG.S) clients, Swiss newspaper Tages-Anzeiger reported on Wednesday.
The Italian authorities are seeking help on Italian residents who held UBS accounts in Switzerland between 2015 and 2016 and who have not given evidence their account were tax compliant.
People covered by the request now have 20 days to make themselves known, the Swiss authorities said.
The bank is facing two separate investigations in Italy and a court case in France over allegations it enabled cross-border tax cheats to hide assets in Switzerland.
Italian prosecutors allege that unidentified UBS managers were responsible for money-laundering because they invested client funds that were the fruit of tax evasion.
The bank agreed in June to pay 101 million euros ($113 million) to resolve a dispute over money laundering and taxes with Italy’s tax authority, according to regulatory filings released with UBS’s second-quarter earnings.
UBS has declined to comment on the settlement. It wasn’t able to comment immediately on the second investigation.
By John Revill, Reuters, 7 August 2019
Read more at Reuters
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