UBS under threat of a fine record in France – Le Monde

UBS under threat of a fine record in France – Le Monde

The first Swiss bank has already had to pay a deposit of 1.1 billion euros in this case, the appeal was dismissed, but “This bond may be only mouthing” notes Time that evokes in its edition of October 3, a fine of six billion Swiss francs (€ 5 billion)

Read also (subscriber edition). UBS: slow descent into hell of a venerable bank

The Swiss newspaper claims to have had access to the Order of Judges Guillaume and Serge Tournaire Daïeff which UBS suspected of having set up a bleaching system allowing French residents to hide their assets to the tax authorities. The alleged laundering took place from 2004 to 2012, a practice exacerbated by his “ habitual” , according to investigators.

9.76 BILLION ARE defrauded

The Paris prosecutor’s office opened April 12, 2013 a criminal investigation into the activities of UBS with French clients. The judges estimated at € 12.2 billion the amount of assets under management France International, a subsidiary of UBS who handles French customers outside France.

Several former officials of UBS in France have also told investigators that the vast majority of accounts opened by French clients in Switzerland were not reported.

The judges then considered “acceptable” to assess the amount of money defrauded and laundered 80% to € 12.2 billion, or € 9.76 billion. The judges ruled the fine to half the value of the funds which were the subject fraudulent transactions suspected money laundering or 4.88 billion euros.

ACTION DROP

In a statement, UBS said that this estimate was artificial and was under speculation: “We can not control the irresponsible disclosure of confidential documents or selective interpretation. “

The action of the bank ended Friday’s session down 0.86% to 16.18 francs in the Swiss market little while the Stoxx European values Banking gained 1.8%.

“The case is currently still at the investigation stage and we will continue to strongly defend” , added the bank announced last month its intention to lodge an appeal against the appeal decision confirming the deposit of 1.1 billion euros. She also said he wanted to file an appeal with the European Court of Human Rights (ECHR).