On Air Now

Upcoming Shows

Program Schedule »

Listen

Listen Live Now » 1230 AM Sioux Falls, SD 98.1 FM Sioux Falls, SD

Weather

Current Conditions(Sioux Falls,SD 57104)

More Weather »
64° Feels Like: 64°
Wind: SSE 12 mph Past 24 hrs - Precip: 0”
Current Radar for Zip

Tonight

Thunderstorms Late 57°

Tomorrow

Scattered Thunderstorms 62°

Wed Night

Scattered Thunderstorms 57°

Alerts

UBS's German offices searched in ongoing tax probe of clients

Unidentified persons enter the building of world largest asset manager, UBS bank in Munich February 19, 2008. REUTERS/Michael Dalder
Unidentified persons enter the building of world largest asset manager, UBS bank in Munich February 19, 2008. REUTERS/Michael Dalder

FRANKFURT (Reuters) - UBS said some of its German offices were searched in connection with an ongoing tax probe of the Swiss bank's clients, confirming an earlier media report.

The Wall Street Journal Deutschland earlier said, citing financial sources, that several offices of UBS in Germany had been searched by authorities in recent days.

The searches were aimed at recovering documents that would shed light on possible tax avoidance by UBS customers, the paper quoted state prosecutors in Bochum as saying.

UBS said the searches dated back to a probe started in 2012, rather than a new investigation.

"UBS Deutschland AG is not the target of the exercise. UBS does not tolerate activities aimed at helping clients to avoid their tax obligations," UBS said in a statement.

(Reporting by Jonathan Gould and Christoph Steitz; Editing by Mark Potter)

Comments