Economy
OM settles for 5 million with Swiss bank UBS due to Dutch black savers
The Public Prosecution Service has reached a settlement with UBS, which acquired Credit Suisse in 2023, imposing a fine of 5 million euros. The prosecution determined that Credit Suisse actively assisted at least 12 Dutch clients between 2005 and 2015 in hiding assets from the Tax Administration, resulting in incorrect tax returns. UBS agreed to the settlement without admitting guilt, citing low risk of recurrence and significant reforms implemented since 2014. The Fiscal Intelligence and Investigation Service had investigated over 4,000 account holders starting in 2016, uncovering practices such as anonymous accounts and shell companies designed to evade taxes.
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