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 countries has asked 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 unit, UBS Group AG and six executives and executives face charges of aggravated tax fraud and money laundering in an investigation into allegations they helped wealthy clients avoid taxes in France.

Up to 5 Billion Euros Fine Plus Damages

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

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 around 10.6 billion euros was refused to the French tax authorities and bitcoin lottery casino review.

According to Reuters, the lender could also face damages awarded to the French tax authorities for the executives risk jail and the missing revenue time.

The whistleblower told the book that he hoped for a stiff penalty for Switzerland’s largest bank, saying that »If they set an example with UBS, most other banks will be scaredbitcoin casino news india bitcoin casino best slots to play 2009, UBS went through a similar trial in the U.S. and paid $780 million in settlement. In 2014, the lender paid 300 million euros in fines and was on trial in Germany.

Recently, a variety of other megabanks have been under fire for alleged money laundering activities. Denmark’s biggest bank, Danske Bankengaged in money laundering. The probe into Danske Bank has implicated Citigroup and Deutsche Bank.  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 lose money laundering charge against UBS and its executives? Tell us in the comments section below.

Images courtesy of Shutterstock and UBS.

Have to compute your bitcoin holdings? Check our tools sectionbest bitcoin casinos for us players bitcoin casinos for us players no deposit bonus codes 2019

Source: bitcoincasinoreview.info