UBS Wants 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 more than 50 nations has requested for the French constitutional court to»drop money laundering charges and restrict 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 unit, UBS Group AG and six executives and executives face charges of money laundering and tax fraud in an investigation into allegations they helped clients avoid taxes in France.
Up to 5 Billion Euros Fine Plus Damages
Throughout the investigation, UBS Group turned down the authorities’ settlement offer of 1.1 billion euros, the publication hauled. «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 could be fined up to 5 billion euros ($5.8 billion). French criminal law allows judges enforce penalties as large as half of 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 French 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 largest bank, stating that»If they set an example with UBS, most other banks will be fearfulbitcoin casino news india bitcoin casino best slots to play 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.
A variety of megabanks have been under fire. The biggest bank, Danske Bank of denmark engaged in money laundering. The probe into Danske Bank has also implicated Deutsche Bank and Citigroup. 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 lose money laundering charge against UBS and its executives? Let us know in the comments section below.
Images courtesy of Shutterstock and UBS.
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