Swiss bank UBS may face massive fines in French trial

Swiss bank UBS may face massive fines in French trial

A French court ordered Swiss bank UBS to pay more than 3.7 billion euros ($4.2 billion) in fines for helping wealthy French clients evade tax authorities. The court convicted UBS AG on Wednesday of aggravated money laundering and illegal bank soliciting. UBS slammed the ruling and vowed to appeal.

Timothy
Timothy
Hannibal
Hannibal 1 year

When your tax rates are as unreasonable as France's you're asking for tax evasion. Note that in Switzerland tax evasion is not a serious issue.

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