UBS Wants Money Laundering Charge Dropped
The tax fraud and money laundering trial in France of its executives and UBS Group AG started 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 restrict 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 news outlet comprehensive, elaborating:
Its unit UBS Group AG and six executives and executives face charges of 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 authorities’ 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 could 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 up to 10.6 billion euros was denied to the French tax authorities and bitcoin lottery casino review.
According to Reuters, the bank may also face damages awarded to the tax authorities for the executives risk jail and the missing earnings time.
The whistleblower told the book that he hoped for a stiff penalty for Switzerland’s biggest bank, saying that”If they set an example with UBS, most other banks will be scaredBitcoin casino finder bitcoincasinoreview.net 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 other megabanks have been under fire for alleged money laundering activities. Danske Bank, denmark’s largest bank , allegedly engaged in money laundering. The probe 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 of the French court refusing to drop 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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