UBS Wants 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 more than 50 nations has requested 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 news outlet detailed, elaborating:

Its French 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

During the investigation, UBS Group turned down the government’ settlement deal of 1.1 billion euros, the book 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 allows judges enforce penalties 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 bank could also face damages awarded to the tax authorities for the missing revenue and the executives risk jail 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 fearfulExplore the the top bitcoin casino 2009, UBS went through a similar trial in the U.S. and paid $780 million in settlement. In 2014, the bank was on trial in Germany and paid 300 million euros in fines.

Recently, a number of different megabanks have been under fire for alleged money laundering activities. The largest bank, Danske Bank of denmark engaged in money laundering. The probe into Danske Bank has also implicated Citigroup and Deutsche Bank.  Last month, Netherland’s largest retail bank, ING Group, 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? Tell us in the comments section below.

Pictures courtesy of Shutterstock and UBS.

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