2023-11-15 16:11:20
The Court of Cassation definitively confirmed on Wednesday November 15 the guilt of the Swiss banking giant UBS for aggravated money laundering, tax fraud and illegal bank canvassing. The court, however, ordered a third trial in order to reassess the amount of penalties and state compensation.
Canvassing rich French taxpayers
The leading Swiss bank was sentenced by the Paris Court of Appeal on December 13, 2021 to a total of 1.8 billion euros, including confiscation of 1 billion, 800 million in damages and a fine of 3, 75 million euros.
The company, which has always contested any infringement, was found guilty of having illegally approached wealthy French taxpayers in order to convince them to open undeclared accounts in Switzerland between 2004 and 2012. It had filed an appeal.
After a hearing on September 27, the highest court of the French judiciary ruled on Wednesday: it annulled the confiscation, deeming it illegal, as well as the compensation granted to the State, considering that it was not was not motivated enough.
A new trial in the coming months
A new trial will therefore take place in the coming months at the Paris Court of Appeal, before other magistrates, but only to determine the appropriate penalties and re-examine damages.
The bank’s French subsidiary, UBS France, fined 1.875 million euros on appeal for complicity in illegal bank canvassing, has not filed an appeal.
His sentence is final, like those of four former executives – who were given suspended prison sentences of six months to one year, as well as fines ranging from €200,000 to €300,000.
#banking #giant #UBS #definitively #guilty