Up to 5 Billion Euros Fine Plus Damages Oshi Casino app
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 nations has asked for the French constitutional court to”drop money laundering charges and limit proceedings to complicity in tax fraud, which carries 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 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 analysis, UBS Group turned down the government’ settlement offer of 1.1 billion euros, the publication hauled. “The amount corresponded to what the Swiss bank had already paid as a court bond, according to judicial sources.” The news outlet further 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 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 lender could face damages awarded to the French tax authorities for the revenue 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 casinos for us players no deposit bonus codes 2019 best bitcoin casinos for us players 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 in fines and was on trial in Germany.
A variety of 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 also implicated Deutsche Bank and Citigroup. 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 about the French court refusing to lose money laundering charge against UBS and its executives? Let us know in the comments section below.
Images courtesy of Shutterstock and UBS.
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