Swiss banking giant UBS AG UBS denied a newspaper report which alleges that the bank is moving German funds to Singapore ahead of the implementation of a German-Swiss tax treaty, which will take effect in 2013 if it is passed by the two parliaments.
The Financial Times Deutschland Friday published a report alleging that Swiss banking institutions are helping German citizens to avoid taxes on unreported savings deposited in Switzerland by transferring the funds to Singapore, citing a person close to the North Rhine-Westphalia state finance ministry in Duesseldorf. Full story
Related:
Swiss denies money going to Singapore - Observer.com
