Deprecated: Function ereg() is deprecated in /home/clickthelaw/public_html/blog/item.php on line 26

Deprecated: Function ereg() is deprecated in /home/clickthelaw/public_html/blog/item.php on line 26

Deprecated: Function ereg() is deprecated in /home/clickthelaw/public_html/blog/item.php on line 26

Deprecated: Function ereg() is deprecated in /home/clickthelaw/public_html/blog/item.php on line 26
 Click The Law - Headline Legal News
French court hits Swiss bank UBS with $5.1 billion penalty
Areas of Focus | 2019/02/18 17:32
A French court ordered Switzerland’s largest bank, UBS, to pay 4.5 billion euros ($5.1 billion) in fines and damages for helping wealthy French clients evade tax authorities, sending a stern warning to tax dodgers and the banks that aid them.

The Paris court convicted Zurich-based UBS AG on Wednesday of aggravated money laundering of the proceeds of tax fraud and illegal bank soliciting, issuing what French media called a record fine.

UBS, one of the world’s largest wealth management banks, slammed the ruling and vowed to appeal. It denied criminal wrongdoing, saying in a statement that the conviction was based on “unfounded allegations of former employees.”

UBS suggested the ruling was based on prejudices in France — which is known for its high taxes — against Swiss tax practices. It insisted that the bank was only offering “legitimate and standard services under Swiss law that are also common in other jurisdictions.”

The Paris court disagreed, and ordered exceptional criminal fines of 3.7 billion euros ($4.2 billion) for UBS’ Swiss head office and 15 million euros ($17 million) for its French subsidiary, and civil damages of 800 million euros ($907 million). Five former UBS executives were also given fines and suspended prison sentences.

Investigators say the Swiss bank sent employees to solicit business from wealthy executives or athletes during sports or music events in France, urging them to place their money in Switzerland.

The assets illegally concealed by French clients in Switzerland in 2004-2012 allegedly amounted to some 10 billion euros ($10.75 billion).

French government attorney Xavier Normand Bodard called Wednesday’s verdict a “very important” ruling and suggested it could set a legal precedent for cases involving the laundering of proceeds of tax fraud.


[PREV] [1] ..[659][660][661][662][663][664][665][666][667].. [2842] [NEXT]
All
Headline Legal News
Legal Topics
Legal Business
Attorney News
Court News
Court Watch
Areas of Focus
Legal Interview
Opinions
A Supreme Court ruling in a socia..
Prosecutors seek from 40 to 50 ye..
Trump wants N.Y. hush money trial..
Sen. Bob Menendez enters not guil..
Hong Kong court affirms landmark ..
Prosecutors Drop Charges During ..
Supreme Court temporarily blocks ..
Prince Harry loses a court challe..
Witness at trial recounts fatal s..
Court rejects appeal from 3 GOP H..
Ex-Illinois lawmaker abruptly ple..
North Carolina voter ID trial res..
Republicans urge state Supreme Co..
Nevada Supreme Court sides with A..
Court says GOP lawmakers who stag..
Donald Trump must pay an addition..
Supreme Court could overturn Okla..
Illinois high court hands lawmake..
What to know: South Africa's geno..
What to know about arguments over..




St. Louis Missouri Criminal Defense Lawyer
St. Charles DUI Attorney
www.lynchlawonline.com
Chicago Truck Drivers Lawyer
Chicago Workers' Comp Attorneys
www.krol-law.com
Raleigh, NC Business Lawyer
www.rothlawgroup.com
Bar Association Website Design
Bar Association Member Management
www.lawpromo.com
Sunnyvale, CA truck accident Attorney
www.esrajunglaw.com
Raleigh, NC Business Lawyer
www.rothlawgroup.com
San Francisco Trademark Lawyer
San Francisco Copyright Lawyer
www.onulawfirm.com
Lorain Elyria Divorce Lawyer
www.loraindivorceattorney.com
Web Design For Korean American Lawyers
Korean American Lawyer Website Design
romeoproduction.com
Connecticut Special Education Lawyer
www.fortelawgroup.com
Family Lawyer Rockville Maryland
Rockville Divorce lawyer
familylawyersmd.com
   Legal Resource
Headline Legal News for You to Reach America's Best Legal Professionals. The latest legal news and information - Law Firm, Lawyer and Legal Professional news in the Media.
 
 
 
Copyright © ClickTheLaw.com. All Rights Reserved.The content contained on the web site has been prepared by Click The Law. as a service to the internet community and is not intended to constitute legal advice or a substitute for consultation with a licensed legal professional in a particular case or circumstance. By using the www.clickthelaw.com you agree to be bound by these Terms & Conditions.

A LawPromo Web Design