Economy
Swiss Bank UBS Fined Millions for Assisting in Tax Evasion
The Dutch Public Prosecution Service (OM) has fined Swiss bank UBS five million euros for its role in helping former Credit Suisse clients evade taxes between 2005 and 2015. The twelve customers concealed assets in Swiss accounts using methods such as numbered accounts and codenames, leading to eighty incorrect tax filings. UBS received the penalty after acquiring Credit Suisse in 2023. The OM deemed the fine appropriate given the scale of the case and noted that Credit Suisse ceased assisting such clients in 2014 and implemented stricter compliance policies.
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