Capital Markets

Mnuchin expected to be Trump’s Treasury secretary

Donald Trump has chosen Steven Mnuchin as his Treasury secretary, US media outlets reported on Tuesday, positioning the former Goldman Sachs banker to be the latest Wall Street veteran to receive a top administration post. Mr Mnuchin chairs both Dune Capital Management and Dune Entertainment Partners and has been a longtime business associate of Mr […]

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Financial system more vulnerable after Trump victory, says BoE

The US election outcome has “reinforced existing vulnerabilities” in the financial system, the Bank of England has warned, adding that the outlook for financial stability in the UK remains challenging. The BoE said on Wednesday that vulnerabilities that were already considered “elevated” have worsened since its last report on financial stability in July, in the […]

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Zoopla wins back customers from online property rival

Zoopla chief executive Alex Chesterman has branded rival OnTheMarket “a failed experiment”, and said that his property site was winning back customers at a record rate. OnTheMarket was set up last year, aiming to compete with Zoopla and Rightmove, the UK’s two biggest property portals. It allowed estate agents to list their properties more cheaply […]

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Hard-hit online lender CAN Capital makes executive changes

The biggest online lender to small businesses in the US has pulled down the shutters and put its top managers on a leave of absence, in the latest blow to an industry grappling with mounting fears over credit quality. Atlanta-based CAN Capital said on Tuesday that it had replaced a trio of senior executives, after […]

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BoE stress tests: all you need to know

The Bank of England has released the results of its latest round of its annual banking stress tests and its semi-annual financial stability report this morning. Used to measure the resilience of a bank’s balance sheet in adverse scenarios, the stress tests measured the impact of a severe slowdown in Chinese growth, a global recession […]

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Categorized | Banks

Brussels judge opens inquiry into UBS

Posted on May 30, 2014

A Brussels judge has opened an investigation into UBS on “suspicion of money laundering and criminal organisation”, making Belgium the latest European country to probe the foreign activities of the Swiss bank.

A spokeswoman for the prosecutors department in Brussels said that the investigation was being run by Michel Claise, a specialist in white collar crime, but declined to give any further details of the case.

    UBS, which is Switzerland’s largest bank by assets and one of the world’s largest wealth managers, said that it was “not aware of any preliminary investigation concerning UBS Belgium and hence [we] are not in a position to comment”.

    “UBS conducts its business in full compliance with applicable laws and regulations. UBS does not tolerate any activities intended to help its clients circumvent their tax obligations,” the bank added.

    The Belgian investigation follows probes into UBS’s cross-border business for wealthy clients by various other European countries.

    Last year, French authorities placed the French unit of the Swiss bank under investigation as part of a probe into allegations that it solicited French clients to open accounts designed to evade taxes.

    UBS has also run into difficulties in Germany, where officials in 2012 carried out numerous searches of its clients’ properties, following moves by German regional authorities to buy CDs containing client data. After analysis of one CD, a prosecutor alleged that German account holders at UBS had evaded about €204m in taxes.

    UBS said at the time that it did not help clients evade taxes and that since 2009 it had carefully examined its business and tightened its rules where necessary.