UBS Requires Money Laundering Charge Dropped
The tax fraud and money laundering trial in France of its executives and UBS Group AG started after seven years of investigation.
The largest bank in Switzerland with offices in more than 50 countries has asked for the French constitutional court to”drop money laundering charges and limit proceedings to complicity in tax fraud, which includes lighter penalties,” Reuters reported Thursday. However, the court rejected this request, noting that the bank’s arguments were”devoid of seriousness,” the news outlet detailed, elaborating:
Six executives, its unit and UBS Group AG and executives face charges of aggravated tax fraud and money laundering in an investigation into allegations they helped wealthy clients avoid taxes in France.
Up to 5 Billion Euros Fine Plus Damages
During the analysis, UBS Group turned down the government’ settlement offer of 1.1 billion euros, the book hauled. “The sum corresponded to what the Swiss bank had already paid as a court bond, according to judicial sources.” The news outlet described:
If found guilty of money laundering, UBS could be fined up to 5 billion euros ($5.8 billion). French criminal law allows judges enforce fines as large as half the amount laundered and in this case prosecutors estimate that around 10.6 billion euros was denied to the French tax authorities and bitcoin lottery casino review.
According to Reuters, the bank could face damages awarded to the tax authorities for the executives risk jail and the revenue time.
The whistleblower told the publication 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 fearfulFortune Jack scam 2009, UBS went through a similar trial in the U.S. and paid $780 million in settlement. In 2014, the bank was on trial in Germany and paid 300 million euros in fines.
A variety of megabanks have been under fire. The biggest bank, Danske Bank of denmark engaged in money laundering through its branch which could total 200 billion euros. The probe into Danske Bank has also implicated Deutsche Bank and Citigroup. Last month, Netherland’s largest bank, ING Group, was fined $900 million for money laundering. News.Bitcoin.com also recently reported that Nordic region’s biggest 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? Let us know in the comments section below.
Images courtesy of Shutterstock and UBS.
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