The Swiss bank UBS was sentenced, Monday, December 13, to a total of 1.8 billion euros for aggravated money laundering of tax evasion and illegal bank directing in France between 2004 and 2012.
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Posted on 12/21/2021 12:01 AM
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The Swiss bank UBS has lodged an appeal against its conviction in France to a total of 1.8 billion euros for having, according to the Paris Court of Appeal, set up a “system” to “facilitate” tax evasion by wealthy French taxpayers. This appeal, announced Monday, December 20 by press release in Geneva, suspends the penalty of 3.75 million euros in fine and the confiscation of a billion pronounced on appeal on December 13. The press release explains that “this will allow the bank to thoroughly assess the verdict of the Court of Appeal and determine the next steps, in the best interests of its stakeholders.”
The global wealth management giant was condemned Monday, December 13 a second time for having, between 2004 and 2012, illegally approached taxpayers, in particular spotted during receptions, hunting parties or golf tournaments, in order to convince them to open undeclared accounts in Switzerland. It is “established” that the bank based “a part of its global success” on “the conquest of customers who did not respect their tax obligations, to which it provided banking services conducive to opacity and concealment “, according to the decision of the Court of Appeal.
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