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French Court Fines UBS EUR 4.5 Billion for Aiding Tax Evasion

|Approved Changes|France-Switzerland
France-Switzerland

The French trial court on 20 February 2019 ordered Switzerland's largest bank, UBS, to pay fines and damages amounting to nearly EUR 4.5 billion for the bank's role in aiding French individual clients in evading tax, including charges of illicit solicitation and laundering of the proceeds of tax fraud. This includes EUR 3.7 billion in criminal fines for the UBS head office in Switzerland, EUR 1…

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