UBS Is Accused of Money Laundering in Belgian Tax Case

Belgian authorities accused UBS Group AG of money laundering and fiscal fraud over allegations it helped clients evade taxes, citing help from France where the Swiss bank is fighting similar accusations.

The investigating judge also accused UBS of illegally approaching Belgian clients directly rather than through its Belgian unit, according to an e-mailed statement Feb. 26 from the Brussels prosecutor’s office. UBS said it will continue to defend itself against any unfounded allegations.

The probe is continuing and the investigating judge will present his findings to prosecutors at a later date. The accusations are based on strong evidence of guilt ...