UBS Requires Money Laundering Charge Dropped
The tax fraud and money laundering trial in France of its executives and UBS Group AG started after seven years 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 refused this request, noting that the bank’s arguments were”devoid of seriousness,” the information outlet comprehensive, elaborating:
Its unit UBS Group AG and six executives and 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 deal 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 fines as large 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 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 biggest bank, saying that”If they set an example with UBS, most other banks will be fearfulBitcoin Lottery review 2009, UBS went through a similar trial in the U.S. and paid $780 million in settlement. In 2014, the lender paid 300 million euros in fines and was on trial in Germany.
A variety of megabanks have been under fire for alleged money laundering activities. Denmark’s biggest bank, Danske Bank, allegedly engaged in money laundering. The research into Danske Bank has implicated Citigroup and Deutsche Bank. Last month, ING Group, Netherland’s largest retail bank, 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 about the French court refusing to drop 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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