Stock Groups

UBS verdict in 4.5 billion euro French tax case due Monday By Reuters


© Reuters. FILEPHOTO: A branch in Zurich (Switzerland) is adorned with the logo of Swiss bank UBS on Monday, June 22, 2020. REUTERS/Arnd Wiegmann/File Photo

PARIS (Reuters) -French judges are set to rule on Monday on Swiss bank UBS’s delayed appeal against a 4.5 billion-euro fine for allegedly helping wealthy clients stash undeclared assets offshore.

This trial is the result of years of investigation. It was alleged that the lender used a James Bond-like scheme for soliciting clients and helping them to launder cash.

French daily Les Echos reports that the verdict was delayed to the end-of-the year.

UBS wants to reverse the 2019 French court verdict in which UBS was found guilty in soliciting illegal clients at French sporting events and parties, as well as laundering proceeds from tax evasion.

UBS was hit with record amounts of penalties, including 800 million euros civil damages and a fine of 3.7 billion euros.

Banner 3

UBS’ lawyers claimed that investigators never had any evidence to support UBS’s attempts to solicit French customers through commercial specialists. They also failed in their efforts at gathering information from clients, such as hunts and cocktail parties.

The European penalty for offences related to tax and others has historically been less than the US. However, the UBS case is an exceptional example that banks have closely monitored.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. CFDs are stocks, indexes or futures. The prices of Forex and CFDs are not supplied by exchanges. Instead, they are determined by marketmakers. As such, the prices might not reflect market conditions and could be incorrect. Fusion Media does not accept any liability for trade losses you may incur due to the use of these data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Trading the financial markets is one of most risky investment options. Please make sure you are fully aware about the costs and risks involved.