Swiss Bank UBS sanctioned for tax evasion
French appeal court orders a fine of 1.8 billion euros to the Swiss Bank UBS for tax evasion, refuting the fine issued in 2019
A Court of Appeal in Paris sentenced the Swiss banking group UBS for carrying out illegal practices on money laundering and imposed a fine of 1.8 billion euros. However, this amount is lower than that established by another court in 2019.
As it will be remembered, the bank appealed the judicial decision that in principle had condemned it to cancel 3,700 million euros. But the judges again decided to fine him, confiscating the 1,000 million euros that the financial institution had deposited as bail and also the UBS will have to pay the French State 800 million in damages and a fine of 3.75 million euros.
Jurists believe that it is proven that the French subsidiary of the Swiss group instituted a tax evasion mechanism that stripped the public coffers of billions of euros of taxes between 2004 and 2012.
Upon learning of the decision, the financial entity issued a statement stating that it will study this new decision in detail and analyze “all options, including appealing to the Court of Cassation.”
Convicted executives of UBS
The Court of Appeal also ruled against several directors of the Swiss bank UBS and sentenced them to jail terms exempt from compliance, that is, they will only go to prison for repeating the crime, in addition to canceling several million euros.
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