UBS APPEALS HUGE TAX EVASION AND MONEY LAUNDERING FINES IMPOSED IN FRANCE
February 1st, 2019
SWISS bank UBS has said it will appeal a judgement made by a Paris court that it should pay penalties of EUR3.7 billion and EUR15 million, plus civil damages of EUR800 million, for helping its French customers evade tax.
Le tribunal correctionnel de Paris found UBS guilty of illicit solicitation and laundering of the proceeds of tax fraud, having heard allegations about how UBS executives persuaded French depositors to move money to accounts in Switzerland – reducing France’s tax take.
UBS argues that the conviction was based on “unfounded allegations of ...
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