Belgium Tax, Indonesia Islamic Banking, BofA: Compliance

Marcel Bruehwiler, chief executive officer of UBS AG (UBSN)’s Belgium unit, was charged in Brussels as part of a probe into a multibillion-euro tax fraud, accelerating the latest tax-evasion inquiry facing the Swiss bank.

Bruehwiler was charged with criminal organization, money laundering, illegal practice of the profession of financial intermediary and serious organized fiscal fraud, Brussels prosecutors said in a statement June 19. They said Bruehwiler, who was released after several hours of questioning, denied the charges.

“We conduct our business in full compliance with applicable law and regulations,” Yves Kaufmann, a spokesman for UBS, said in a phone interview June 19 before the decision to charge Bruehwiler. “UBS does not tolerate any activities intended to help its clients circumvent their tax obligations. We fully collaborate with the Belgian authorities,” he said.