German prosecutors investigating Swiss bank

AP News
Posted: Nov 08, 2012 5:05 AM

BERLIN (AP) — German prosecutors say they're investigating employees of the Swiss bank UBS's German subsidiary on suspicion they may have helped customers evade local taxes.

Mannheim prosecutors' spokesman Peter Lintz told the dapd news agency Thursday the investigation was opened in March after authorities learned that funds may have been moved through an internal account from Germany to Switzerland.

UBS said in a statement it is fully cooperating with authorities, and that its internal investigations of the allegations "have not revealed any indication of misconduct on the part of UBS Deutschland AG."

Authorities are also investigating the customers allegedly involved. They raided bank offices in May and seized records, which are still being evaluated.