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French court hits Swiss bank UBS with $5.1 billion penalty
Source: Associated Press
French court hits Swiss bank UBS with $5.1 billion penalty
By JEFFREY SCHAEFFER and ANGELA CHARLTON
February 20, 2019
PARIS (AP) — A French court ordered Switzerland’s largest bank, UBS, to pay 4.5 billion euros ($5.1 billion) in fines and damages for helping wealthy French clients evade tax authorities, wrapping up one of France’s biggest-ever tax evasion trials.
The Paris court convicted Zurich-based UBS AG on Wednesday of aggravated money laundering and illegal bank soliciting, issuing what French media called a record fine.
One of the world’s largest wealth management banks, UBS slammed the ruling and vowed to appeal.
It denied criminal wrongdoing, saying in a statement that the conviction was based on “unfounded allegations of former employees.” UBS suggested the ruling was based on French prejudice against Swiss tax practices and insisted that it was only offering “legitimate and standard services under Swiss law that are also common in other jurisdictions.”
The court ordered criminal fines of 3.7 billion euros ($4.2 billion) for UBS’ Swiss head office and 15 million euros ($17 million) for its French subsidiary, and civil damages of 800 million euros ($907 million). The executives were given suspended prison sentences.
-snip-
By JEFFREY SCHAEFFER and ANGELA CHARLTON
February 20, 2019
PARIS (AP) — A French court ordered Switzerland’s largest bank, UBS, to pay 4.5 billion euros ($5.1 billion) in fines and damages for helping wealthy French clients evade tax authorities, wrapping up one of France’s biggest-ever tax evasion trials.
The Paris court convicted Zurich-based UBS AG on Wednesday of aggravated money laundering and illegal bank soliciting, issuing what French media called a record fine.
One of the world’s largest wealth management banks, UBS slammed the ruling and vowed to appeal.
It denied criminal wrongdoing, saying in a statement that the conviction was based on “unfounded allegations of former employees.” UBS suggested the ruling was based on French prejudice against Swiss tax practices and insisted that it was only offering “legitimate and standard services under Swiss law that are also common in other jurisdictions.”
The court ordered criminal fines of 3.7 billion euros ($4.2 billion) for UBS’ Swiss head office and 15 million euros ($17 million) for its French subsidiary, and civil damages of 800 million euros ($907 million). The executives were given suspended prison sentences.
-snip-
Read more: https://www.apnews.com/ed0b616b62354ac7b6932c37e5f238fa