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Economy

ORIGINAL FRENCH ARTICLE: Fraude fiscale La banque UBS mise en examen

by K. B.

Tax Fraud: UBS Bank Under Investigation

Translated Friday 22 August 2014, by Gene Zbikowski

The UBS bank, suspected of having allowed its Swiss sales representatives to prospect for clients in France in violation of the law, and of having set up a dual account system to conceal movements of capital between France and Switzerland, is being investigated as of July 23 for money laundering, aggravated by tax fraud by the examining magistrates of the finance section.

Bail was set at 1.1 billion euros. This investigation comes at a time when discussions for a negotiated solution, notably via a “guilty plea” procedure are said to have failed. A solution of this type would have led to the tax administration’s abandoning criminal prosecution in exchange for payment by the bank. But the Minister for Finance, Michel Sapin, “rejected this transaction” according to the Finance Ministry and quoted by the Agence France Presse.

UBS declared in a press statement that it had done its utmost to “resolve this affair". The bank, already punished in the United States and facing possible investigation in Belgium, also indicated that it would appeal.


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