UBS Group AG is again being investigated by the US Department of Justice (DoJ) over whether it helped wealthy Americans evade taxes by improperly using bearer securities reports the Wall Street Journal. This type of securities were largely taken out of the US financial system n 1982 following a law i because of their potential use in tax evasion and money laundering. It acts like cash: whoever holds the certificate can anonymously claim its value.

The new investigation is led by the US Attorney’s Office in Brooklyn, New York, according to Bloomberg, and the FBI is also working on the probe.

6 years ago UBS paid $780m to settle a separate tax evasion probe by the DoJ.

Switzerland is considered not only as a safe haven for global investors, but also as a secret place for wealthy individuals looking to protect their assets. The DoJis leading criminal investigations on a dozen Swiss banks, and another 100 are seeking to a non-prosecution agreement (NPA), the so-called Category 2 banks of the US Tax Program.