Home Business NewsBusinessBanking News UBS has been fined a record £3.2bn

UBS has been fined a record £3.2bn

by LLB Reporter
20th Feb 19 2:22 pm

Swiss bank UBS has been ordered to £3.2bn in fines by a court in Paris, for helping wealthy French clients avoid the tax authorities.

The Swiss bank was convicted of aggravated money laundering and illegal bank soliciting, by the criminal court.

The £3.2bn fine handed to the bank is a record fine for a bank in France, French media have reported.

French clients who illegally concealed assets in Switzerland, from 2004 until 2012, allegedly amount to £8.7bn.

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