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UBS Requires Money Laundering Charge Dropped

The tax fraud and money laundering trial in France of its executives and UBS Group AG began 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:

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 investigation, UBS Group turned down the authorities’ settlement offer of 1.1 billion euros, the book 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 lets judges enforce penalties as large as half the amount laundered and in this case prosecutors estimate that around 10.6 billion euros was denied to the French tax authorities and bitcoin lottery casino review.

According to Reuters, the bank may face damages awarded to the French tax authorities for the executives risk jail and the revenue time.

The whistleblower told the publication 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 instant payout best deposit bonus for bitcoin casino and withdrawl times 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.

A variety of different megabanks have been under fire for alleged money laundering activities. Denmark’s largest bank, Danske Bankengaged in money laundering. The probe into Danske Bank has implicated Citigroup and Deutsche Bank.  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 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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