France probing UBS over tax evasion

|About: UBS Group AG (UBS)|By:, SA News Editor

UBS (NYSE:UBS) is being investigated in France and faces accusations of money laundering and tax fraud for helping French clients hide funds from the national tax administration from 2004 to 2012.

The bank faced similar allegations from the U.S. Justice Department in 2009.

French authorities have ordered UBS to post bail of €1.1B ($1.5B).