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French prosecutors demand €3.7 billion fine for UBS

UBS sign
Prosecutors also requested a fine of €15 million against French subsidiary UBS France. © KEYSTONE / ENNIO LEANZA

French prosecutors demanded on Thursday that UBS pay a fine of €3.7 billion (CHF4.2 billion) in the Paris trial of the largest Swiss bank.

The Swiss banking giant and its French subsidiary are accused of laundering proceeds from tax fraud carried out from 2004 to 2012. UBS denies the charges.

France’s national financial crimes unit estimates at least €9.76 billion went unreported to French tax authorities in that period. 

Prosecutors also requested a fine of €15 million against UBS France,

They are seeking suspended sentences of six to 24 months’ incarceration, along with fines from €50,000 to €500,000, against six banking executives or former executives.

The French state, the only civil plaintiff, is claiming €1.6 billion in damages from UBS, which has already had to pay a bond of €1.1 billion.

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