UBS is facing an investigation in Belgium, adding to its worries following the judicial inquiries in France. The Benelux country is suspecting the Swiss bank to be involved in cases of tax evasion and money laundering.
Michel Claise, a Belgian attorney, has started legal action against UBS, «L'Echo» (paywall) reported today, citing unidentified sources in the country's judicial system. The authority didn't comment about the content of the legal action taken.
According to the report, the action is likely connected to the investigation against the bank, which has been ongoing for months. In the summer of 2014, Claise confronted the UBS country boss, Marcel Bruehwiler, with his suspicions regarding cases of money laundering, abetting tax evasion and organized crime.
Searches at Branch, Home of Manager
Following this initial investigations, the Belgian law enforcement agencies executed searches at the UBS branch in Brussels, at the home of Bruehwiler and the home of a client. According to the judiciary, the results supported the suspicions regarding the above-mentioned accusations.
In the meantime, UBS is no longer active in wealth management in the country and has sold its unit to Puilaetco Dewaay, a Belgian company.
