The UBS bank condemned to pay fine for money laundering
The Swiss bank UBS was convicted in a French court for illegal banking practices and money laundering and must pay a fine of 3,700 million euros
The High Court of Paris imposed the sentence requested by the National Financial Prosecutor’s Office because apparently the bank created a system of tax evasion that allowed 10,000 million euros to escape from the French treasury between 2004 and 2012. After reading the ruling, the lawyers announced hastily they will appeal the judgment.
According to the accusation, the bank advised wealthy French clients to open accounts in Switzerland to pay less taxes and be covered by the country’s banking secrecy. The Swiss giant did it during hunts, concerts or golf tournaments to which prospective clients were invited.
UBS must compensate 800 million euros to the French State, which acted as a private accuser and claimed twice as much money. In addition, the French branch of the entity must pay 15 million euros.
For their part, five of the six employees or leaders of the accused bank were sentenced to prison terms exempt from compliance between six and 18 months and to fines from 50,000 to 3,000,000 euros.
UBS said that they acted according to Swiss law and they could not know whether the clients were up-to-date or not with the French treasury.
L.Sáenz
Source: El Mundo
