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UBS to pay $55.7 million to settle Belgian tax evasion case -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: A branch in Zurich, Switzerland is adorned with the logo of Swiss bank UBS on June 22, 2020. REUTERS/Arnd Wiegmann

ZURICH, Reuters – Swiss bank UBS paid 49 million euros (£55.7m) to resolve a case involving alleged tax evasion from 2005 to 2013.

According to a statement from Brussels, prosecutors claimed that the settlement covers the allegations of UBS workers being present in Belgium and tax evasion by UBS clients.

Prosecutors said that the authorities had dismissed allegations of money laundering, forming a criminal organisation and all charges against Marcel Bruehwiler – former head of UBS Belgium.

The prosecutors stated that UBS AG’s transaction “ends a lengthy procedure relating to allegations dating back over ten years and which was completed without admitting guilt.”

UBS has confirmed that the settlement was reached and stated it is pleased with its resolution. The bank made arrangements for the settlement, according to a spokesperson.

($1 = 0.8794 euros)

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