UBS fined for money laundering

Swiss bank UBS has been fined EUR 3.7 billion in a French court over money laundering offences.

The court decision was due on whether the Swiss bank helped French clients evade taxes between 2004 and 2012 and launder the proceeds. The court has been found the Swiss bank criminally responsible for money laundering.

“UBS strongly disagrees with the verdict. The bank has consistently contested any criminal wrongdoing in this case throughout the investigation and during the trial. The conviction is not supported by any concrete evidence, but instead is based on the unfounded allegations of former employees who were not even heard at the trial,” the bank said.

Shares in the Swiss bank are down almost 3%.

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