Chief Crown Prosecutor Andrew Penhale said that the Crown Prosecution Service (CPS) had authorized the charging following an investigation by Her Majesty's Revenue and Customs (HMRC) department.
"The CPS has reviewed a file of evidence from HMRC and has authorised a charge against Bernard Ecclestone of fraud by false representation in respect of his failure to declare to HMRC the existence of assets held overseas believed to be worth in excess of £400m," he said.
Simon York, director of HMRC’s Fraud Investigation Service, said the criminal investigation against the 91-year-old billionaire businessman was "complex and worldwide." The first hearing in the fraud case will be held at Westminster Magistrates Court on August 22.