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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 more than 50 nations 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 refused this request, noting that the bank’s arguments were”devoid of seriousness,” the news outlet comprehensive, elaborating:
Its French unit, UBS Group AG and six executives and former executives face charges of aggravated tax fraud and money laundering in an investigation into allegations they helped clients avoid taxes.
Up to 5 Billion Euros Fine Plus Damages
Throughout the analysis, UBS Group turned down the authorities’ settlement offer of 1.1 billion euros, the book 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 of the amount laundered and in this case prosecutors estimate that around 10.6 billion euros was refused to the French tax authorities and bitcoin lottery casino review.
According to Reuters, the bank could also face damages awarded to the French tax authorities for the executives risk jail and the missing earnings time.
The whistleblower told the publication that he hoped for a stiff penalty for Switzerland’s biggest bank, stating that”If they set an example with UBS, most other banks will be scaredBITCOIN LOTTERY rating 2009, UBS went through a similar trial in the U.S. and paid $780 million in settlement. In 2014, the lender was on trial in Germany and paid 300 million euros in fines.
Recently, a variety of different megabanks have been under fire. The biggest bank, Danske Bank of denmark engaged in money laundering through its division that could complete 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 drop 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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