UBS Face More Fines From German Courts For Assisting Tax Evasion

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Last week, movements further developed in the recent string of Swiss banking prosecutions. German Prosecutors from Baden-Württemberg have officially charged UBS Deutschland AG (subsidiary of UBS Europe SE) with assisting several of its German clients to circumvent the payment of taxes between 2001 to 2012. The prosecutors propose a EUR €84 million fine on the lender, which denies any wrongdoing, and will be examined by a court in Mannheim at a later date.