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 refused this request, noting that the bank’s arguments were”devoid of seriousness,” the information outlet comprehensive, 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
Throughout the analysis, UBS Group turned down the government’ settlement deal of 1.1 billion euros, the publication conveyed. “The amount 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 may be fined up to 5 billion euros ($5.8 billion). French criminal law lets judges enforce penalties as large as half 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 face damages awarded to the tax authorities for the lost revenue and the executives risk jail time.
The whistleblower told the publication that he hoped for a stiff penalty for Switzerland’s largest bank, stating that”If they set an example with UBS, most other banks will be scaredBetcoin casino 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 and was on trial in Germany.
A number of different megabanks have been under fire. Danske Bank, denmark’s largest bank engaged in money laundering through its division which could total 200 billion euros. The research into Danske Bank has also implicated Citigroup and Deutsche Bank. 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 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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