"Swiss banking giant UBS will pay €835million to settle a long-running French legal case over helping wealthy clients dodge taxes, the group and French authorities have said. UBS will pay a €730million fine and €105million in damages to the French state to close the 14-year legal saga. "UBS AG is pleased to announce it has resolved the legacy matter concerning its cross-border business activities in France between 2004 and 2012," the bank said in a statement."
"The settlement is much lower than the €3.7billion fine and €800million in damages it had originally been ordered to pay in 2019. The total penalty was lowered to €1.8billion on appeal in 2021. The appeals court at the time found UBS guilty of concealing serious tax fraud and illegal banking activities in France between 2004 and 2012, when it was sending Swiss bankers to court well-heeled French clients."
UBS will pay €835 million to resolve French charges related to aiding wealthy clients to dodge taxes. The payment includes a €730 million fine and €105 million in damages to the French state, ending a 14-year legal saga. Authorities originally ordered much larger penalties: a €3.7 billion fine and €800 million in damages in 2019, later reduced to €1.8 billion on appeal in 2021. An appeals court found UBS guilty of concealing serious tax fraud and illegal banking activities in France between 2004 and 2012. The case involved Swiss bankers soliciting affluent French clients across the border.
Read at The Local France
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