UBS fined $ 4.2 billion for a case of French tax evasion



French judges on Wednesday condemned UBS Group AG to pay a record fine of 3.7 billion euros for helping wealthy clients in France to evade tax, the biggest Swiss bank having trouble to turn the page of legal pitfalls resulting from its wealth management business.

The Paris judges found the Zurich bank guilty of illegally recruiting clients in France and helping them launder money that had not been reported to the French tax authorities. By making the biggest fine of all time in France, the judges described the …


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