09 Nov 2018
French prosecutors argued in a Paris court on Thursday for Swiss bank UBS AG (UBSG.S) to be fined 3.7 billion euros (3.22 billion pounds) for helping wealthy French people evade taxes.
After a seven-year investigation and aborted settlement negotiations, UBS faces accusations of laundering the proceeds of tax fraud and illegally soliciting clients in France.
“Tax evasion is nothing more than theft against the community,” prosecutor Eric Russo told the court.
Serge Roque, the trial’s other prosecutor, added: “UBS has deliberately held, handled and managed accounts for people who were evading taxes.”
Under French law, those convicted of money laundering can be ordered to pay a fine worth half the amount laundered. The prosecution estimates UBS’s customers hid several billion euros from the French tax authorities.
– By Emmanuel Jarry, Inti Landauro, Reuters, 8 Nov 2018.
Link to Reuters.
Advance your CPD minutes for reading this article, by signing up and using the CPD WalletFREE CPD Wallet