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Tax evasion by Swiss bank UBS

The Swiss investment bank and financial services company, UBS Group AG, has been at the center of numerous tax evasion and avoidance investigations undertaken by U.S., French, German, Israeli, and Belgian tax authorities as a consequence of their strict banking secrecy practices.

The first major tax evasion controversy the bank was involved in occurred in Bradley Birkenfeld, an American banker stationed at UBS Switzerland AG, broke Swiss banking secrecy laws to disclose client information to the U.S. Department of Justice (DOJ) alleging suspected tax evasion. After the DOJ opened an investigation, UBS was fined US$ million and reached a limited deferred prosecution agreement that was seen as a historically significant event in the banking industry of Switzerland.

Despite the brief lapse in banking secrecy, the country has strengthened its banking secrecy laws and UBS adopted an international "Client Privacy Code" to Jospin Namkosse - Facebook MYL