UBS Paris headquarters raided by French authorities in tax evasion probe

Swiss bank under investigation over allegations of money laundering

French police have raided the Parisian headquarters of Swiss bank UBS, a spokesman said.

UBS France is currently under formal investigation over allegations it helped wealthy clients evade taxes through undeclared bank accounts.

This is the second time police have searched the bank's premises since French prosecutors initiated the investigation in 2012.

UBS said it regarded the raid as "normal" and will continue to cooperate with French authorities, which have also visited the bank's offices in Strasbourg and Lyon as part of the ongoing investigation.

Regulators fined the French arm of the bank €10 million for failing to implement appropriate controls to avoid illicit activities earlier this year. 

UBS rejected the "contentious nature" of the decision and reiterated that it does not engage in activities intended to help its clients "circumvent their tax obligations".

The probe continues.

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