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Up to 5 Billion Euros Fine Plus Damages Oshi Casino app

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UBS Requires Money Laundering Charge Dropped

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

The largest bank in Switzerland with offices in more than 50 countries has requested for the French constitutional court to»drop money laundering charges and restrict proceedings to complicity in tax fraud, which includes lighter penalties,» Reuters reported Thursday. However, the court refused this request, noting that the bank’s arguments were»devoid of seriousness,» the information outlet comprehensive, elaborating:

Its unit UBS Group AG and six executives and executives face charges of aggravated tax fraud and money laundering in an investigation into allegations they helped clients avoid taxes in France.

Up to 5 Billion Euros Fine Plus Damages

Throughout the analysis, UBS Group turned down the government’ settlement offer of 1.1 billion euros, the publication conveyed. «The sum corresponded to what the Swiss bank had already paid as a court bond, according to judicial sources.» The information outlet described:

If found guilty of money laundering, UBS could be fined up to 5 billion euros ($5.8 billion). French criminal law lets judges enforce penalties as high as half of the amount laundered and in this case prosecutors estimate that around 10.6 billion euros was denied to the French tax authorities and bitcoin lottery casino review.

According to Reuters, the bank could face damages awarded to the tax authorities for the executives risk jail and the revenue time.

The whistleblower told the book that he hoped for a stiff penalty for Switzerland’s largest bank, saying that»If they set an example with UBS, most other banks will be scareda href=»https://bitcoincasinoreview.info/zigzag777-casino-review»>zigzag777 scam 2009, UBS went through a similar trial in the U.S. and paid $780 million in settlement. In 2014, the bank was on trial in Germany and paid 300 million euros.

A number of other megabanks have been under fire for alleged money laundering activities. Danske Bank, denmark’s largest bank engaged in money laundering through its division that could total 200 billion euros. The research into Danske Bank has implicated Citigroup and Deutsche Bank.  Last month, the largest bank, ING Group of Netherland, 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 about the French court refusing to drop money laundering charge against UBS and its executives? Let us know in the comments section below.

Pictures courtesy of Shutterstock and UBS.

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Source: bitcoincasinoreview.net


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