Belgium charges UBS with money laundering, tax fraud

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A Belgian judge has charged Swiss bank UBS with money laundering and serious and organised tax fraud, Brussels prosecutors said in a statement on Friday.

"The Swiss bank is suspected of having directly, and not via its Belgian subsidiary, approached Belgian clients to convince them to set up structures aimed at evading taxes," Brussels prosecutors said in a statement.

"UBS will continue to defend itself against any unfounded allegations," the bank said in an emailed statement.

The Belgian announcement is the latest in a series of investigations by European and U.S. authorities into Swiss banks, where strict banking secrecy rules had made it a haven for untaxed assets.

Neighbor France placed UBS under formal examination in 2014 and the investigating judges ordered UBS to provide bail of 1.1 billion euros.

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Belgian prosecutors said they were able to firm up the case against UBS through cooperation with French authorities and the work of an inquiry committee.

In 2014, Belgian police carried out raids at the bank and at the homes of a client and of UBS Belgium Chief Executive Marcel Bruehwiler. Bruehwiler was also charged at the time.

The bank's Belgian subsidiary, which employed some 60 staff including 20 private bankers, has since been sold to Belgian private bank Puilaetco Dewaay.