Swiss bank UBS fined $ 4.2 billion for fraud case

French justice imposed a fine of 3,700 million euros on Wednesday (near $ 4.2 billion) at the Swiss bank UBS, accused of violating local laws as part of a ploy instigated and helped his clients to commit tax evasion.

According to the French prosecutors, the institution organized at its customers luxury travel in which its agents offered illegal transfer your badets to Swiss accounts, out of reach of the French authorities.

The investigations began after the financial crisis of 2008, when more and more controls were opened on tax havens. Prosecutors determined that, in the case of UBS, they had been concealed between 2004 and 2012, more than 10,000 million euros.

The UBS subsidiary in France was fined 15 million euros for its complicity.

The case is closely watched by industry leaders at a time when European governments are trying to attract multinationals to the uncertainties surrounding Brexit.

(With information from AFP)