UBS Requires Money Laundering Charge Dropped

The tax fraud and money laundering trial in France of its executives and UBS Group AG began after seven years of investigation.

The largest bank in Switzerland with offices in over 50 nations has asked for the French constitutional court to »drop money laundering charges and limit proceedings to complicity in tax fraud, which includes lighter penalties, » Reuters reported Thursday. However, the court refused this request, noting that the bank’s arguments were »devoid of seriousness, » the information 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 in France.

Up to 5 Billion Euros Fine Plus Damages

Throughout the investigation, UBS Group turned down the government’ settlement offer of 1.1 billion euros, the book conveyed. « The sum corresponded to what the Swiss bank had already paid as a court bond, according to judicial sources. » The news outlet

If found guilty of money laundering, UBS could be fined up to 5 billion euros ($5.8 billion). French criminal law allows judges enforce penalties 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 bank could also face damages awarded to the tax authorities for the lost earnings and the executives risk jail time.

The whistleblower told the publication that he hoped for a stiff penalty for Switzerland’s biggest bank, stating that »If they set an example with UBS, most other banks will be scaredbitcoin casino free btc can you legally open a bitcoin casino 2009, UBS went through a similar trial in the U.S. and paid $780 million in settlement. In 2014, the bank paid 300 million euros and was on trial in Germany.

A variety of different megabanks have been under fire for alleged money laundering activities. Denmark’s largest bank, Danske Bank, allegedly engaged in money laundering through its division that could complete 200 billion euros. The probe into Danske Bank has also implicated Citigroup and Deutsche Bank.  Last month, the largest retail bank, ING Group of Netherland, was fined $900 million for money laundering. News.Bitcoin.com also recently reported that Nordic region’s biggest bank, Nordea, was suspected of money laundering.

What do you think of the French court refusing to lose money laundering charge against UBS and its executives? Tell us in the comments section below.

Pictures courtesy of Shutterstock and UBS.

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