Fidest – Agenzia giornalistica/press agency

Quotidiano di informazione – Anno 32 n° 220

Expert comment on UBS being charged with tax fraud and money laundering in Belgium

Posted by fidest press agency su sabato, 27 febbraio 2016

Crawford Spence, of warwick_campus_2_large Business School, is a Professor of Accounting and researches tax avoidance. He comments on UBS being charged with tax fraud and money laundering in Belgium. Professor Crawford Spence said: “These latest allegations against a Swiss bank are strongly reminiscent of the HSBC scandal that broke last year. In both cases, a large bank based in Switzerland – the HSBC case concerned the Swiss subsidiary – has been accused of tax fraud AND money laundering.”In the HSBC case, HMRC recently wound-up its investigation and concluded that no criminal charges would be brought against the bank. The city regulator, the Financial Conduct Authority (FCA), similarly concluded an investigation by bringing no formal charges against the bank. “This inaction by regulatory bodies has been widely criticised, particularly because there was strong evidence supporting the allegations against HSBC. In this latest case, it is as yet unclear how strong the evidence is against UBS.”However, there is growing unrest among the public and politicians over the seeming inability of regulatory bodies such as HMRC and the FCA to clamp down on what appear to be blatant transgressions by large financial institutions.”


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