The Swiss bank UBS, sentenced in France to a total of 1.8 billion euros on appeal for illegal canvassing and money laundering aggravated by tax fraud, announced Monday, December 20 that it had lodged an appeal in cassation.
This appeal suspends the penalty of 3.75 million euros in fine and the confiscation of one billion pronounced by the Paris Court of Appeal on December 13. On the other hand, the 800 million euros in damages that have been awarded to the State can be demanded immediately.
In this case, UBS was prosecuted for having sent between 2004 and 2012 Swiss salespeople to France in order to “hunt” the wealthy clients of its French subsidiary, spotted in particular during receptions, concerts or golf tournaments, in order to convince them to open undeclared accounts in Switzerland. In total, at the appeal trial, the prosecution estimated the amount of assets concealed over the period at 9.6 billion.
Tax evasion: the UBS case
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