German prosecutors search UBS offices in tax investigation

Markets Associated Press

German prosecutors say they have searched offices of Swiss bank UBS in an investigation of suspected tax evasion by about 2,000 people.

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News agency dpa reported that prosecutors in the western city of Bochum said Wednesday they are looking into suspicions that customers failed to declare income from investments. Some 130 prosecutors and tax investigators were involved in the operation.

It is a result of the purchase by North Rhine-Westphalia's state government of data on German clients of Swiss banks, which already has led to numerous tax evasion cases.

The bank confirmed the investigation and said it will cooperate fully, but wouldn't comment further. It involves accounts with the bank's UBS Europe SE subsidiary.