UBS Wants Money Laundering Charge Dropped
The tax fraud and money laundering trial in France of UBS Group AG and its executives started last week 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 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:
Six executives, its French unit and UBS Group AG and 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 investigation, UBS Group turned down the government’ settlement offer of 1.1 billion euros, the publication conveyed. “The sum 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 allows judges enforce penalties as high 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 may face damages awarded to the French tax authorities for the executives risk jail and the 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 fearfulbitcoin penguin casino reddit best bitcoin live casino 2009, UBS went through a similar trial in the U.S. and paid $780 million in settlement. In 2014, the bank paid 300 million euros and was on trial in Germany.
Recently, a number of megabanks have been under fire for alleged money laundering activities. The largest bank, Danske Bank of denmark , allegedly engaged in money laundering. The probe into Danske Bank has also implicated Deutsche Bank and Citigroup. 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 largest bank, Nordea, was suspected of money laundering.
What do you think of 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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