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UBS Investigated for Tax Fraud and Money Laundering- PNG DEAL IN HOTWATER

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by MICHAEL J PASSINGAN The Swiss Bank behind Prime Minister Peter ONeill’s’s illegal and corrupt loan to buy 10% of Oil Search is facing new allegations of money-laundering and financial fraud.   UBS is being investigated over money laundering and serious organised tax fraud in Belgium. A statement from prosecutors said: "The Swiss bank is suspected of having directly, and not via its Belgian subsidiary, approached Belgian clients to convince them to set up constructions aimed at evading taxes."   UBS said it would "defend itself against any unfounded allegations". The prosecutors' statement said the judicial investigation came after "excellent" help from French authorities, who had been looking at allegations that UBS had been encouraging clients to open accounts in Switzerland to avoid tax between the years 2004-12.   The US has also been looking into whether the bank allowed its US customers to hide their wealth from the Internal Revenue Servi