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 asked 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 information outlet detailed, elaborating:
Six executives, its unit and UBS Group AG and former executives face charges of tax fraud and money laundering in an investigation into allegations they helped wealthy clients avoid taxes.
Up to 5 Billion Euros Fine Plus Damages
During the analysis, UBS Group turned down the government’ settlement deal of 1.1 billion euros, the book conveyed. “The sum corresponded to what the Swiss bank had already paid as a court bond, according to judicial sources.” The information outlet
If found guilty of money laundering, UBS may be fined up to 5 billion euros ($5.8 billion). French criminal law allows judges enforce fines as high 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 lender 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, stating that”If they set an example with UBS, most other banks will be scaredCloudBet 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.
Recently, a number of megabanks have been under fire. The biggest bank, Danske Bank of denmark engaged in money laundering through its Estonian branch which could complete 200 billion euros. The probe into Danske Bank has also implicated Deutsche Bank and Citigroup. 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 largest 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.
Pictures courtesy of Shutterstock and UBS.
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