Finance
Dutch Fine of 5 Million Euros Imposed on Swiss Bank UBS for Aiding Tax Evaders
The Dutch Public Prosecution Service (OM) has fined the Swiss bank UBS 5 million euros. The OM states that Credit Suisse, which was acquired by UBS in 2023, facilitated tax evasion by helping clients hide assets from the Dutch Tax Administration. Between 2005 and 2015, the bank assisted twelve customers in filing eighty incorrect tax returns through measures such as numbered accounts and codenames. The criminal investigation, initiated in 2016, targets the bank itself because the individuals involved primarily played an executive role in the Netherlands.
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