UBS says French investigators have visited Paris headquarters

City A.M. Reporter
FRENCH judicial authorities probing Swiss bank UBS over allegations it illegally sold products designed to avoid French taxes visited the bank’s headquarters in Paris yesterday, a UBS spokesman said.

It is the second time in just over a year that investigators have probed UBS’s French offices in person. The Swiss bank was placed under formal investigation for alleged complicity in suspected illegal sales practices in June, as governments and regulators worldwide crack down on tax evasion.

“As part of the inquiry opened in February 2012, investigating magistrate Guillaume Daieff has conducted an on-site visit of the Paris headquarters of UBS France,” the spokesman said in an email, adding it was the second visit of this kind since September 2012.

“It is normal procedure for this type of probe. UBS France, which seeks total transparency, gave its backing. UBS France will continue to fully cooperate with the authorities.”