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Sat Dec 24, 2016, 10:05 PM

 

UBS embroiled in a tax evasion and money laundering scandal in France

UBS embroiled in a €13 tax evasion and money laundering scandal in France

By NEOnline | IR - PUBLISHED 12:33 DECEMBER 21, 2016

UBS France and the bank’s Swiss headquarters are embroiled in a mass money laundering and tax fraud case.

The Swiss daily Le Temps said on Tuesday that the French National Financial Prosecutor has delivered a 126-page summary of the case against the Swiss bank. The allegation made against the Swiss multinational is that UBS sold consulting on how to avoid French taxes.

UBS denies all charges and speaks of a “highly politicized” investigation.

According to the summary of the investigation, UBS was allegedly involved in helping French taxpayers avoid their tax bills from 2004 to 2012 in Paris, Lille, Bordeaux, and Strasbourg. UBS consultants approached perspective clients offering business cards without logos, meeting them in discreet hotel venues, urging them to transfer their assets to Switzerland.

French authorities launched an investigation in April 2012, which was completed in June 2016. The investigation apparently uncovered “large scale” and “systematic” money laundering. Since 2013, UBS was under investigation for complicity in illegal sales practices. The bank was ordered to pay a €1.1 bn bond to cover potential fines in 2014, which the Swiss bank continues to fight as an excessive bail requirement.

The bank is supposed to have used “double accounting” to hide illicit fund movement...


Read More:
https://www.neweurope.eu/article/ubs-embroiled-e13-tax-evasion-money-laundering-scandal-france/


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See also:

http://www.swissinfo.ch/eng/france-switzerland_ubs-accused-over-cross-border--tax-fraud-money-laundering-/42778576


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Reply UBS embroiled in a tax evasion and money laundering scandal in France (Original post)
think Dec 2016 OP
dumbcat Dec 2016 #1
think Dec 2016 #2

Response to think (Original post)

Sat Dec 24, 2016, 10:13 PM

1. Interesting, the article title says "evasion", but

the article only uses the term "avoid". I wonder if those two terms have the same meaning in France as they do in law here.

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Response to dumbcat (Reply #1)

Sat Dec 24, 2016, 10:22 PM

2. Not sure. The Swiss article says tax fraud money laundering

 

It doesn't sound good whatever UBS is being accused of.

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