febrero 15, 2018 | Posted in:Blog

UBS Requires 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 years of investigation.

The largest bank in Switzerland with offices in more than 50 countries has requested for the French constitutional court to»drop money laundering charges and limit proceedings to complicity in tax fraud, which carries lighter penalties,» Reuters reported Thursday. However, the court rejected this request, noting that the bank’s arguments were»devoid of seriousness,» the news outlet detailed, elaborating:

Six executives, its French unit and UBS Group AG and executives face charges of money laundering and aggravated tax fraud in an investigation into allegations they helped clients avoid taxes.

Up to 5 Billion Euros Fine Plus Damages

During the analysis, UBS Group turned down the authorities’ settlement deal of 1.1 billion euros, the book hauled. «The amount corresponded to what the Swiss bank had already paid as a court bond, according to judicial sources.» The information outlet

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 denied to the French tax authorities and bitcoin lottery casino review.

According to Reuters, the lender could also face damages awarded to the 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 no deposit bonus 2015 ignition casino bitcoin deposit declined 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.

Recently, a variety of other megabanks have been under fire. Danske Bank, denmark’s biggest bank engaged in money laundering through its Estonian branch that could complete 200 billion euros. The probe 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? Tell us in the comments section below.

Images courtesy of Shutterstock and UBS.

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