Up to 5 Billion Euros Fine Plus Damages Oshi Casino app

UBS Requires Money Laundering Charge Dropped

The tax fraud and money laundering trial in France of UBS Group AG and its executives began last week after seven decades of investigation.

The largest bank in Switzerland with offices in over 50 nations has requested for the French constitutional court to”drop money laundering charges and restrict proceedings to complicity in tax fraud, which includes lighter penalties,” Reuters reported Thursday. However, the court rejected this request, noting that the bank’s arguments were”devoid of seriousness,” the information outlet comprehensive, elaborating:

Six executives, its French unit and UBS Group AG and executives face charges of tax fraud and money laundering in an investigation into allegations they helped clients avoid taxes.

Up to 5 Billion Euros Fine Plus Damages

During the investigation, UBS Group turned down the authorities’ settlement offer of 1.1 billion euros, the book conveyed. “The amount corresponded to what the Swiss bank had already paid as a court bond, according to judicial sources.” The information outlet further described:

If found guilty of money laundering, UBS may be fined up to 5 billion euros ($5.8 billion). French criminal law allows judges enforce penalties as large as half of the amount laundered and in this case prosecutors estimate that around 10.6 billion euros was denied to the French tax authorities and bitcoin lottery casino review.

According to Reuters, the bank may also face damages awarded to the French tax authorities for the missing earnings and the executives risk jail time.

The whistleblower told the book that he hoped for a stiff penalty for Switzerland’s largest bank, saying that”If they set an example with UBS, most other banks will be scaredturning stone casino bitcoin bitcoin penguin casino reddit 2009, UBS went through a similar trial in the U.S. and paid $780 million in settlement. In 2014, the bank paid 300 million euros and was on trial in Germany.

A variety of other megabanks have been under fire. The largest bank, Danske Bank of denmark , allegedly engaged in money laundering. The probe into Danske Bank has also implicated Deutsche Bank and Citigroup.  Last month, ING Group, Netherland’s largest bank, was fined $900 million for money laundering. News.Bitcoin.com also recently reported that Nordic region’s biggest bank, Nordea, was suspected of money laundering.

What do you think of the French court refusing to drop money laundering charge against UBS and its executives? Tell us in the comments section below.

Images courtesy of Shutterstock and UBS.

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