Swiss bank UBS has agreed to pay a fine of €2.125 million (CHF2.3 million) to close an investigation in which it is suspected as a legal entity for money laundering committed by its employees.
The judge at the preliminary hearing in Milan granted the request, according to Italian news agency Ansa. The three companies UBS (as a group), UBS Switzerland and UBS Monaco were the parties to the settlement. The magistrate also ordered the confiscation of €8.2 million.
UBS has thus closed the criminal part of the case, after wrapping up a tax dispute in June by paying more than €101 million to the tax authorities for not having paid taxes related to its activities with Italian customers from 2012 to 2017.
The Milan public prosecutor’s office believed the crime of money laundering had been committed because the bank used money resulting from tax evasion by Italian customers.
In August it was reported that UBS Group’s accounts were being targeted in a long-running crackdown on wealthy Italians suspected of not paying taxes, in the bank’s latest tussle with authorities.