French prosecutors demand €3.7 billion fine for UBS
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.
In compliance with the JTI standards
More: SWI swissinfo.ch certified by the Journalism Trust Initiative
Newsletters
You can find an overview of ongoing debates with our journalists here. Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.