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Paris court slashes UBS penalty for laundering

Published

4 years ago

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A Paris court has slashed the penalty UBS must pay for allegedly helping wealthy clients in France to evade taxes to 1.8 billion Euros

The Appeals Court upheld that the Swiss bank was guilty of both promoting illegal banking services, and money laundering.

The revised penalty is less than half of its overall fine of 4.5 billion euros imposed against the bank after a 2019 trial.

Shares rose more than 2-percent after Monday’s verdict.

But the bank had hoped to see the charges thrown out by the appeals court, particularly around the money laundering allegation because of the potential damages.

The banks says it will decide on whether to lodge an appeal against the ruling with France’s Supreme Court.

Here’s a Former UBS Banker, turned whistleblower who was at the verdict.

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Costa is a news producer at ticker NEWS. He has previously worked as a regional journalist at the Southern Highlands Express newspaper. He also has several years' experience in the fire and emergency services sector, where he has worked with researchers, policymakers and local communities. He has also worked at the Seven Network during their Olympic Games coverage and in the ABC Melbourne newsroom. He also holds a Bachelor of Arts (Professional), with expertise in journalism, politics and international relations. His other interests include colonial legacies in the Pacific, counter-terrorism, aviation and travel.

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