German Prosecutors Search UBS Clients in Tax Probe

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German state prosecutors have begun a country-wide search of premises of UBS clients on suspicion of tax evasion, Bochum state prosecutors said on Monday.

Reuters reports that a number of state prosecutors and about 50 tax investigators were undertaking the searches of domestic German clients of UBS, Bochum state prosecutor Norbert Salamon said, adding that further action could follow.

UBS is one of several Swiss banks caught up in investigations into personal tax evasion in the United States and Europe, putting the future of Swiss banking secrecy laws in jeopardy.

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German Prosecutors Search UBS Clients in Tax Probe

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