UBS Requires Money Laundering Charge Dropped
The tax fraud and money laundering trial in France of UBS Group AG and its executives began 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 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 money laundering and aggravated tax fraud in an investigation into allegations they helped 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 conveyed. “The sum corresponded to what the Swiss bank had already paid as a court bond, according to judicial sources.” The news outlet further described:
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 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 may face damages awarded to the tax authorities for the executives risk jail and the lost revenue time.
The whistleblower told the book 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 scaredbitcoin casino android app ignition casino minimum bitcoin withdraw 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.
Recently, a number of other megabanks have been under fire. Denmark’s biggest bank, Danske Bank, allegedly engaged in money laundering. The probe into Danske Bank has implicated Citigroup and Deutsche Bank. Last month, Netherland’s largest retail 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? Let us know in the comments section below.
Pictures courtesy of Shutterstock and UBS.
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