Head of UBS Belgium accused of major tax fraud

Marcel Brühwiler, the head of UBS Belgium, was detained by Brussels police at his home on Thursday on suspicion of money laundering, serious tax fraud and membership of a criminal organisation. Brühwiler, a Swiss national, was held and questioned by the authorities for 12 hours. The Brussels prosecutor decided to release Brühwiler, who denies all charges, later in the day.

At the headquarters of UBS Belgium – the Belgian branch of the Swiss banking giant UBS ­- in Woluwe-Saint-Pierre, house searches were carried out in which computer data and documents were seized.

The investigation into claims that Brühwiler in conjuction with the bank helped wealthy Belgians evade billions of taxes in euros will continue, said the Brussels prosecutor’s office. It also stated that the documents seized at the bank’s headquarters in Brussels would be analysed and other alleged protagonists questioned.

Similar investigations have already been carried out by the Swiss bank in France, the US and Germany.

According to the Brussels prosecutor’s office, the tax evasion offences at UBS Belgium go back 10 years and involved wealthy Belgian nationals.

A spokesperson for UBS said the bank conducted its activities “with total respect for the law”. “The bank does not tolerate any activity which aims to enable its customers to circumvent their tax obligations. UBS is fully cooperating with the Belgian authorities,” they stated.