Tag: Facilitating

Swiss UBS bank to pay € 1,8 billion fine for "facilitation of tax evasion and money laundering"

Swiss UBS bank to pay € 1,8 billion fine for “facilitation of tax evasion and money laundering”

/ Facilitating, France, Money laundering, Switzerland, Switzerland, Tax advisor liability, Tax evasion, Transfer Pricing News, UBS
The appeal court in Paris has confirmed that the Swiss UBS banking group is guilty of having facilitated tax evasion and money laundering in France, and on that basis the banking group was issued a €5,625 million fine plus confiscation of €1 billion and damages in the sum of €800 millions. Read the December 2021 judgement here ... Read more
France vs UBS AG and UBS SA, December 2021, CAA of Paris, Dossier No. 19/05566 Arrét No. 192/21

France vs UBS AG and UBS SA, December 2021, CAA of Paris, Dossier No. 19/05566 Arrét No. 192/21

/ Advisor liability, Court of Appeal, Decision in favor of tax authority, Facilitating, France, Illegal bank canvassing, Local anti avoidance, Milk cans, Milk tickets, Money laundering, Switzerland, Systemic fraud, Tax advisor liability, Tax Avoidance Schemes, Tax Avoidance Schemes, Tax evasion, UBS
Swiss banking group, UBS, had set up a system aimed at facilitating tax evasion and money laundering of wealthy French taxpayers. Judgement of the Court of Appeal By judgment of the Paris Court of Appeal dated 13 December 2021, the Swiss parent, UBS AG, was found guilty of banking and financial canvassing and of facilitating tax evasion and money laundering. The Court Sentenced UBS AG to a fine of €3,750,000.00 and confiscation of €1,000,000,000.00. Furthermore UBS AG was ordered to pay €800,000,000.00 for damages to the French State. UBS FRANCE SA, the French subsidiary, was found guilty of complicity in banking and financial canvassing and sentenced to a fine of €1,875,000.00. Click here for English translation France vs UBS Dec 2021 ... Read more