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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsUBS embroiled in a tax evasion and money laundering scandal in France
UBS embroiled in a 13 tax evasion and money laundering scandal in France
By NEOnline | IR - PUBLISHED 12:33 DECEMBER 21, 2016
UBS France and the banks Swiss headquarters are embroiled in a mass money laundering and tax fraud case.
The Swiss daily Le Temps said on Tuesday that the French National Financial Prosecutor has delivered a 126-page summary of the case against the Swiss bank. The allegation made against the Swiss multinational is that UBS sold consulting on how to avoid French taxes.
UBS denies all charges and speaks of a highly politicized investigation.
According to the summary of the investigation, UBS was allegedly involved in helping French taxpayers avoid their tax bills from 2004 to 2012 in Paris, Lille, Bordeaux, and Strasbourg. UBS consultants approached perspective clients offering business cards without logos, meeting them in discreet hotel venues, urging them to transfer their assets to Switzerland.
French authorities launched an investigation in April 2012, which was completed in June 2016. The investigation apparently uncovered large scale and systematic money laundering. Since 2013, UBS was under investigation for complicity in illegal sales practices. The bank was ordered to pay a 1.1 bn bond to cover potential fines in 2014, which the Swiss bank continues to fight as an excessive bail requirement.
The bank is supposed to have used double accounting to hide illicit fund movement...
Read More:
https://www.neweurope.eu/article/ubs-embroiled-e13-tax-evasion-money-laundering-scandal-france/
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It was as Balkan News in March of 1993, and the power of EU integration saw the publisher relaunch as the New Europe in August two years later.
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See also:
http://www.swissinfo.ch/eng/france-switzerland_ubs-accused-over-cross-border--tax-fraud-money-laundering-/42778576
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UBS embroiled in a tax evasion and money laundering scandal in France (Original Post)
think
Dec 2016
OP
dumbcat
(2,120 posts)1. Interesting, the article title says "evasion", but
the article only uses the term "avoid". I wonder if those two terms have the same meaning in France as they do in law here.
think
(11,641 posts)2. Not sure. The Swiss article says tax fraud money laundering
It doesn't sound good whatever UBS is being accused of.