The banking giant UBS has once again come to the attention of the American authorities regarding alleged tax offenses. Handelszeitung reports that UBS is being probed by the US Justice Department (DoJ) on whether they breached their 2009 Deferred-Prosecution Agreement (DPA) in which the firm promised to follow the law and cooperate with the US. Investigators suspect the conduct may have occurred when the bank was still bound by the deferred-prosecution agreement, which expired in October 2010.
At the Q4 reporting, the bank confirmed that US authorities are investigating UBS in connection with bearer securities.
Investigators are looking into UBS’s use of so-called bearer securities, which can be redeemed by anyone holding the paper, making them a potential tool for hiding assets. Authorities are focusing on whether UBS issued the so-called bearer securities, which can be redeemed by anyone holding the paper, to clients or invested in them on their behalf, according to a person familiar with the matter reports Bloomberg.