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UBS, in particular, was in the spotlight earlier this year as one of the banks where France's then-budget minister hid funds from tax authorities. Jerome Cahuzac, who stepped down amid the scandal, confessed earlier this year that he hid hundreds of thousands of euros in Swiss and Singaporean banks for decades. In 2009, UBS paid $780 million to U.S. authorities as part of a deal to end a tax evasion probe in which it stood accused of helping Americans hide billions of dollars in secret accounts. The bank was also the subject of a book published last year -- allegedly based on accounts of disgruntled former employees -- that accused the bank of systematically helping French customers dodge taxes. The bank has flatly denied the allegations in the book "Ces 600 milliards qui manquent a la France" -- "The 600 billion missing from France." But the book appears to have sparked -- or perhaps spurred on -- the investigation in France. The UBS executives were put under formal investigation shortly after it came out last spring.
[Associated
Press;
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