A French court has ordered Switzerland's largest bank, UBS, to pay five billion dollars in fines for tax fraud.
The court in Paris found the bank guilty of helping wealthy French clients stash undeclared funds in Swiss accounts through aggravated money laundering.
The penalty is reported to be a record for such a case in France.
UBS slammed the ruling, saying the conviction was based on "unfounded allegations of former employees".
It also vowed to appeal the ruling.
The court in Paris found the bank guilty of helping wealthy French clients stash undeclared funds in Swiss accounts through aggravated money laundering.
The penalty is reported to be a record for such a case in France.
UBS slammed the ruling, saying the conviction was based on "unfounded allegations of former employees".
It also vowed to appeal the ruling.
Category
🗞
News