Mumbai: Swiss banking powerhouse, UBS, on Wednesday said it is fully cooperating with the Enforcement Directorate and other Indian authorities on money laundering issue involving Hasan Ali Khan. This statement by the Swiss bank came after ED sent notice to it on the USD 8-billion money laundering issue.

"UBS is doing everything within its powers to facilitate the investigation by the Enforcement Directorate (ED). We have assisted the ED on a voluntary basis and have provided information to them," the bank said in a release here.

"As a responsible corporate citizen, UBS will continue to cooperate fully with the ED and Indian regulators (on the Hasan Ali Khan probe). UBS follows the strict banking confidentiality laws of Switzerland, (but) as a truly global entity, it seeks to comply with the laws and regulations in each country in which it operates," the statement concluded.

This is the second notice from the ED to the UBS on the case involving the Pune-based stud farm owner Hasan Ali.

The first notice had been sent to the bank in January last year to which UBS responded negatively.

The agency had reportedly for the second time issued summons to British lender Barclays Bank too under the Prevention of Money Laundering Act in this case.

Following Supreme Court intervention, Hasan Ali is in ED custody since last week. On March 21, a vacation bench of the apex court had extended his custody by three more days.

Khan, accused in a case involving alleged money laundering to the tune of USD 8.04 billion, was sent to ED custody last Thursday after apex court rejected his bail plea.

The income tax department has also raised a tax demand of Rs 71,874 crore on him.

The ED contends that Khan had an account with the Zurich branch of UBS and another with a London branch of Barclays. ED served summons on the local units of both banks on the grounds that they were liable to Indian banking laws as they operated branches domestically.