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Swiss bank UBS appeals against French money-laundering verdict -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – The UBS logo can be seen in Zurich (Switzerland) on February 17, 2021. REUTERS/Arnd Wiegmann/File Photo/File Photo/File Photo

ZURICH, (Reuters) – UBS appealed against the Paris Court’s verdict last week which upheld the conviction of Swiss bank for money laundering while reducing its penalty for allegedly helping wealthy clients evade income taxes.

UBS AG was able to assess and determine the next steps for its stakeholders, according to a statement released by the largest bank in Switzerland on Monday.

UBS received a reduced penalty of 1.8 Billion Euros (or $2.03 billion) from the Paris appeals court. This was less than half of the overall fine of 4.5 Billion euros that had been imposed upon it after a trial.

UBS however had hoped for the appeals court to dismiss all charges against it, including the money-laundering charge, as UBS is the biggest wealth manager in the globe.

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