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UBS Wants Money Laundering Charge Dropped

The tax fraud and money laundering trial in France of its executives and UBS Group AG started last week after seven years of investigation.

The largest bank in Switzerland with offices in more than 50 countries has asked for the French constitutional court to »drop money laundering charges and restrict proceedings to complicity in tax fraud, which carries 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 former executives face charges of money laundering and aggravated tax fraud in an investigation into allegations they helped 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 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 may also face damages awarded to the French tax authorities for the earnings and the executives risk jail time.

The whistleblower told the publication that he hoped for a stiff penalty for Switzerland’s biggest bank, saying that »If they set an example with UBS, most other banks will be fearfulUse the best usa bitcoin casino 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.

A variety of megabanks have been under fire. Denmark’s largest bank, Danske Bankengaged in money laundering through its Estonian division that could complete 200 billion euros. The research into Danske Bank has 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 of the French court refusing to lose money laundering charge against UBS and its executives? Let us know in the comments section below.

Images courtesy of Shutterstock and UBS.

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