2023-11-15 19:04:40
The leading Swiss bank was fined by the Paris Court of Appeal on December 13, 2021 for a total of 1.8 billion euros. DENIS BALIBOUSE / REUTERS
The Court of Cassation ordered a third trial to reassess the amount of penalties and state compensation.
New twist in the UBS affair. The Court of Cassation has definitively confirmed the guilt of the first Swiss bank in the case of laundering aggravated by tax fraud and illegal bank canvassing. But the Court at the same time annulled his conviction of 1.8 billion euros in fines and compensation from the State and ordered a third trial focusing solely on the sanctions.
At first instance, in February 2019, UBS was found guilty of having illegally approached wealthy French taxpayers in order to convince them to open undeclared accounts in Switzerland between 2004 and 2012. The judges then sentenced it to the maximum largest sanction ever imposed in France: 4.5 billion euros, including a record fine of 3.7 billion euros and 800 million euros owed to the French State for damages.
Sentenced to exorbitant sums
But in 2021, the Paris Court of Appeal more than halved the sanction, bringing the bill to 1.8 billion euros: a fine of 3.75 million euros, to which are added 800 million of euros in damages to be paid to the State and the confiscation of 1 billion euros of the 1.1 billion bail she paid during the investigation. “UBS maintains that it has always acted in compliance with applicable laws and regulations. UBS will defend itself in the upcoming trial »the bank reacted on Wednesday.
In the coming months, the Paris Court of Appeal will once again examine this case involving colossal amounts. In the meantime, UBS could ask the State to return the 800 million euros in damages it has already paid.
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