febrero 13, 2018 | Posted in:Blog
UBS Wants Money Laundering Charge Dropped
The tax fraud and money laundering trial in France of its executives and UBS Group AG began last week after seven decades of investigation.
The largest bank in Switzerland with offices in over 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 rejected 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 executives face charges of money laundering and tax fraud in an investigation into allegations they helped wealthy clients avoid taxes in France.
Up to 5 Billion Euros Fine Plus Damages
During the investigation, UBS Group turned down the government’ 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 could 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 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 lost earnings and the executives risk jail 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 fearful 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 for alleged money laundering activities. Danske Bank, denmark’s biggest bank , allegedly engaged in money laundering. The research into Danske Bank has implicated Deutsche Bank and Citigroup. Last month, ING Group, Netherland’s largest 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 of 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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