UBS Requires Money Laundering Charge Dropped
The tax fraud and money laundering trial in France of its executives and UBS Group AG began last week after seven decades of investigation.
The largest bank in Switzerland with offices in over 50 countries has requested for the French constitutional court to”drop money laundering charges and restrict proceedings to complicity in tax fraud, which carries lighter penalties,” Reuters reported Thursday. However, the court rejected this request, noting that the bank’s arguments were”devoid of seriousness,” the news outlet comprehensive, elaborating:
UBS Group AG, its French unit and six executives and former executives face charges of aggravated tax fraud and money laundering in an investigation into allegations they helped wealthy clients avoid taxes.
Up to 5 Billion Euros Fine Plus Damages
Throughout the investigation, UBS Group turned down the government’ settlement offer of 1.1 billion euros, the publication conveyed. “The sum corresponded to what the Swiss bank had already paid as a court bond, according to judicial sources.” The information outlet further described:
If found guilty of money laundering, UBS could be fined up to 5 billion euros ($5.8 billion). French criminal law lets judges enforce fines as high as half of the amount laundered and in this case prosecutors estimate that up to 10.6 billion euros was refused to the French tax authorities and bitcoin lottery casino review.
According to Reuters, the lender could also face damages awarded to the tax authorities for the earnings and the executives risk jail time.
The whistleblower told the book that he hoped for a stiff penalty for Switzerland’s largest bank, saying that”If they set an example with UBS, most other banks will be fearfulbitcoin online casino free to play online casino accepts credit cards and withdrawn on bitcoin 2009, UBS went through a similar trial in the U.S. and paid $780 million in settlement. In 2014, the lender paid 300 million euros in fines and was on trial in Germany.
Recently, a variety of different megabanks have been under fire for alleged money laundering activities. The biggest bank, Danske Bank of denmark , allegedly engaged in money laundering. The probe into Danske Bank has also implicated Citigroup and Deutsche Bank. Last month, the largest retail bank, ING Group of Netherland, was fined $900 million for money laundering. News.Bitcoin.com also recently reported that Nordic region’s largest bank, Nordea, was suspected of money laundering.
What do you think of the French court refusing to drop money laundering charge against UBS and its executives? Tell us in the comments section below.
Images courtesy of Shutterstock and UBS.
Need to compute your bitcoin holdings? Check our tools sectiononline casino that takes bitcoin best bitcoin casino no deposit
Source: bitcoincasinoreview.info
Loading ...