UBS German offices searched in client tax probe

By Matthias Inverardi and Jonathan Gould

FRANKFURT/DUESSELDORF (Reuters) - Prosecutors have searched 10 offices of UBS in Germany in connection with an ongoing probe of tax avoidance by the Swiss bank's German clients, the state prosecutor in Bochum said on Friday.

"We are investigating 750 cases involving foundations," lead prosecutor Bernd Bieniossek told Reuters.

UBS confirmed the searches, which had been reported earlier by the Wall Street Journal Deutschland, but said they dated back to a probe started in 2012 rather than a new investigation.

The lender said it had taken steps to ensure all its clients in Germany complied with tax rules and said it was confident this would be reached by the end of 2014 at the latest.

The investigation was sparked by a CD with details of UBS clients that was purchased by the German state of North Rhine-Westphalia (NRW) despite criticism from the federal government.

The NRW authorities had previously said the CD data held details of around 750 foundations as well as 550 further cases with a volume of 3.5 billion Swiss francs (2.4 billion pounds).

Investigators have conducted a series of searches of houses and offices based on the information contained in the CDs.

Germany late last year failed to ratify a tax deal signed with Switzerland, prompting many people to report themselves to the tax authorities.

The number of voluntary declarations related to Switzerland rose to 1,528 in NRW alone during the first six months of the year, from 347 in the same period a year earlier, the state's finance ministry said.

(Additional reporting by Christoph Steitz; Editing by Erica Billingham)

Source: http://news.yahoo.com/ubs-german-offices-searched-client-tax-probe-084022988.html

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