UBS Loses Court Appeal for Tax Fraud & Unlawful Solicitation of Clients in France, Succeeds in Gaining a New Trial & Judgement for $1.94 Billion Fine with $862 million Already Paid to France Finance Ministry
17th November 2023 | Hong Kong
UBS has lost the court appeal for tax fraud and unlawful solicitation of clients in France, but succeeding in gaining a new trial & judgement for the $1.94 billion fine with $862 million already paid to France finance ministry. UBS: “The Supreme Court upheld the previous court decision regarding unlawful client solicitation and aggravated laundering of the proceeds of tax fraud, while overturning the confiscation of EUR 1bn, the fine of EUR 3.75m and EUR 800m in civil damages awarded to the French state. The case is now being referred back to the Paris Court of Appeal, which will reconsider the overturned elements and deliver its judgement after a new trial. While UBS is pleased that the highest court in France agrees with its position on these important aspects of the legal case, UBS is disappointed that the French Supreme Court has confirmed the previous court decision regarding unlawful client solicitation and aggravated laundering of the proceeds of tax fraud despite the treaty between the European Union and Switzerland on the taxation of savings income and a lack of specific evidence for the alleged facts. UBS continues to maintain that it acted in accordance with all applicable laws and regulations at all times. UBS will defend itself in the forthcoming trial.” More info below:
“ UBS Loses Court Appeal for Tax Fraud & Unlawful Solicitation of Clients in France, Succeeds in Gaining a New Trial & Judgement for $1.94 Billion Fine with $862 million Already Paid to France Finance Ministry “
UBS $1.94 Billion France Money Laundering Fine Court Appeal to Start on 27th September 2023, $862 million Already Paid to France Finance Ministry
9th June 2023 – UBS court appeal of France money laundering fine of $1.94 billion (EUR 1.8 billion) will start on 27th September 2023, with $862 million (EUR 800 million) already paid to France Finance Ministry (Ministry of Economy & Finance). UBS had been found guilty for helping wealthy French clients to open Switzerland private bank accounts to evade (avoid) paying tax. In 2019, UBS was found guilty of aiding money laundering and fined $5.1 billion (EUR 4.5 billion. In the 2021 appeal, UBS was found guilty of aiding money laundering and a reduced fine of $1.94 billion (EUR 1.8 billion).
Sign Up / Register
Caproasia Users
- Manage $20 million to $3 billion of assets
- Invest $3 million to $300 million
- Advise institutions, billionaires, UHNWs & HNWs
Caproasia Platforms | 11,000 Investors & Advisors
- Caproasia.com
- Caproasia Access
- Caproasia Events
- The Financial Centre | Find Services
- Membership
- Family Office Circle
- Professional Investor Circle
- Investor Relations Network
Monthly Roundtable & Networking
Family Office Programs
The 2024 Investment Day
- March 2024 - Hong Kong
- March 2024 - Singapore
- June 2024 - Hong Kong
- June 2024 - Singapore
- Sept 2024 - Hong Kong
- Sept 2024 - Singapore
- Visit: The Investment Day | Register: Click here
Caproasia Summits
- The Investment Summit
- The Private Wealth Summit
- The Family Office Summit
- The CEO & Entrepreneur Summit
- The Capital Markets Summit
- The ESG / Sustainable Investment Summit
