UBS Requires Money Laundering Charge Dropped
The tax fraud and money laundering trial in France of its executives and UBS Group AG started last week after seven decades of investigation.
The largest bank in Switzerland with offices in more than 50 countries has requested for the French constitutional court to”drop money laundering charges and limit 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 detailed, elaborating:
Its French unit UBS Group AG and six executives and former executives face charges of money laundering and tax fraud 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 authorities’ settlement deal of 1.1 billion euros, the publication hauled. “The amount 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 allows judges enforce penalties as high as half the amount laundered and in this case prosecutors estimate that up to 10.6 billion euros was denied to the French tax authorities and bitcoin lottery casino review.
According to Reuters, the bank may face damages awarded to the French tax authorities for the missing revenue and the executives risk jail 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 fearfulZigZag777 Casino rating 2009, UBS went through a similar trial in the U.S. and paid $780 million in settlement. In 2014, the bank paid 300 million euros and was on trial in Germany.
Recently, a number of megabanks have been under fire for alleged money laundering activities. The biggest bank, Danske Bank of denmark engaged in money laundering through its Estonian division that could complete 200 billion euros. The probe into Danske Bank has also implicated Citigroup and Deutsche Bank. Last month, ING Group, Netherland’s largest bank, 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 about the French court refusing to lose money laundering charge against UBS and its executives? Tell us in the comments section below.
Images courtesy of Shutterstock and UBS.
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