UBS Accounts Probed as Italian Agency Extends Tax Crackdown

(Bloomberg) --

UBS Group AG accounts are being targeted in a long-running crackdown on wealthy Italians suspected of not paying taxes, in the bank's latest tussle with authorities.

The Italian revenue agency is seeking the names of people living in Italy who had Swiss accounts with UBS between February 2015 and the end of 2016, according to the Swiss federal gazette. The agency, which asked Swiss officials for assistance in December, is pressing for information on account holders who failed to provide UBS with sufficient evidence of tax compliance.

UBS has been caught up in global tax crackdowns over the past decade as the country's tradition of banking secrecy came under siege. In the U.S., the bank agreed to pay $780 million and turn over the names of American clients. Several weeks ago, the Swiss bank agreed to pay a 101 million-euro ($113 million) settlement with Italian tax authorities to resolve claims about its business in the country.

UBS, the world's biggest wealth manager, is appealing a pending tax case in France in which it faces a possible $5 billion penalty. French tax officials are set to receive details on thousands of the bank's clients after Switzerland's top court ruled against UBS last month.

Common Request

“Over the last years, UBS has received various disclosure orders from the Swiss Federal Tax Administration based on requests for international administrative assistance in tax matters,” the lender said in an emailed statement on Wednesday. “The bank has completed a tax compliance program with its European clients and implemented the Automatic Exchange of Information as the new international standard.”

At least 10 Swiss banks are cooperating with Italian authorities amid an investigation based on evidence gathered from a recent tax amnesty, people with knowledge of the matter have said. The list includes both big and small lenders, said the people, who asked not to be named and declined to identify which banks are involved. It's not certain that the talks will lead to a definitive settlement, they said.

To contact the reporter on this story: Patrick Winters in Zurich at pwinters3@bloomberg.net

To contact the editors responsible for this story: Dale Crofts at dcrofts@bloomberg.net, Ross Larsen, Marion Dakers

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