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Swiss Bank UBS To Face French Trial For Aiding Tax Evasion

PARIS (Alliance News) - Swiss banking giant UBS is to face trial in France for aiding tax ...

Alliance News 20 March, 2017 | 5:05PM
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PARIS (Alliance News) - Swiss banking giant UBS is to face trial in France for aiding tax evasion, a judicial source said on Monday.

Investigating judges have decided to refer the bank to court on charges of laundering the proceeds of tax fraud as well as illegal canvassing of customers, the source said.

The sums allegedly laundered amounted to billions of euros, according to investigators' conclusions cited by the European Court of Human Rights in a related case.

UBS, which has been under investigation since 2011, said it had been informed of the French judges' decision in the case.

"UBS has clearly stated that the bank rejects the allegations and related assumptions and legal interpretations," the bank said. "We are prepared for a fair trial and will continue to defend ourselves vigorously in this matter."

The bank has the option of appealing the decision to refer it to trial.

UBS has previously run into trouble in other countries for alleged involvement in tax evasion.

In 2014, the bank paid a penalty of EUR300 million (USD322 million) to settle a tax evasion case in Germany. It settled tax evasion cases in the US in 2009 by paying a fine of USD780 million.

Copyright dpa

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