UBS faces probe into 'tax dodges' - Business - Evening Standard
       

UBS faces probe into 'tax dodges'

US prosecutors are to demand names of wealthy UBS clients suspected of using the Swiss banking giant to help avoid income tax, reports in the US say.

Former UBS private banker Bradley Birkenfeld has been accused in Florida of setting up tax-avoidance trusts in Europe and offshore tax havens. He denies the charges.

The authorities are also looking for Liechtenstein businessman Mario Staggl, who allegedly assisted Birkenfeld.

Birkenfeld's former boss, Martin Liechti, the head of UBS's wealth-management business for the Americas, was detained last month in Miami by US investigators.

The Government accuses the pair of helping clients hide assets in Swiss and Liechtenstein accounts from 2001 to 2006.

The move to expose clients to scrutiny would be a blow to UBS, whose private banking division has been a positive spot amid a sea of red ink from writedowns on subprime investments.

Neither UBS nor the Justice Department would comment on the reports.

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