“German authorities have launched nationwide raids on suspected tax evaders in connection with a probe into several hundred Germany-based clients of Switzerland’s biggest bank, UBS. The raids were ordered by state prosecutors in Bochum. They were acting on data purchased by the authorities in the state of North Rhine-Westphalia, where Bochum is situated. Opposition lawmakers in the German Bundesrat say the latest developments could further undermine the German government’s attempt to secure a tax deal with Switzerland. The treaty is due to come into effect on January 1, but still needs to be ratified by both houses of parliament.”
