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March 21, 2017

UBS to face trial in France over tax fraud charges

Swiss banking giant UBS and its French unit are set to face trial in France over allegations of helping wealthy clients dodge taxes and money laundering.

By Verdict Staff

Swiss banking giant UBS and its French unit are set to face trial in France over allegations of helping wealthy clients dodge taxes and money laundering.

The move follows a failed settlement agreement between French authorities and UBS representatives, where the bank was asked to settle the matter for €1.1bn. The same amount was already paid by the bank as a court bond.

The bank, however, denied any wrongdoing in the matter.

"We will now have the possibility to respond in detail in a court of law. UBS has made clear that the bank disagrees with the allegations, assumptions and legal interpretations being made. We will continue to strongly defend ourselves and look forward to a fair proceeding," the bank said in an emailed statement.

The French trial will be the latest blow for the Swiss bank that in 2009 agreed to a $780m settlement with the US Justice Department over tax evasion charges. In 2014, the bank agreed to a €300m settlement with the German tax authorities for failing to disclose assets held in Swiss accounts.

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