UBS Requires Money Laundering Charge Dropped

The tax fraud and money laundering trial in France of its executives and UBS Group AG started 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 rejected this request, noting that the bank’s arguments were”devoid of seriousness,” the information outlet detailed, elaborating:

Six executives, its unit and UBS Group AG and former 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

During the analysis, UBS Group turned down the government’ settlement deal of 1.1 billion euros, the book hauled. “The sum corresponded to what the Swiss bank had already paid as a court bond, according to judicial sources.” The information 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 fines as high as half the amount laundered and in this case prosecutors estimate that up to 10.6 billion euros was refused to the French tax authorities and bitcoin lottery casino review.

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

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

A number of megabanks have been under fire. The largest bank, Danske Bank of denmark , allegedly engaged in money laundering. The probe into Danske Bank has implicated Citigroup and Deutsche Bank.  Last month, Netherland’s largest bank, ING Group, 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 about the French court refusing to drop money laundering charge against UBS and its executives? Tell us in the comments section below.

Images courtesy of Shutterstock and UBS.

Need to compute your bitcoin holdings? Check our tools departmentonline casino that use bitcoin in usa bitcoin casino us bonus codes

Source: bitcoincasinoreview.net