The largest private bank in Switzerland is judged by illegal solicitation of French clients and tax fraud exacerbated by money laundering.
• Updated the
from Mathilde Damgé
A fine of 3.7 billion euros – an unprecedented sum in France – was requested on Thursday, November 8 against UBS. The largest private bank in the Swiss confederation is accused of unlawful solicitation of French clients and tax fraud exacerbated by money laundering. A fine of EUR 15 million was requested from its subsidiary UBS France.
"We must keep in mind the extent of sanctions globally"said prosecutor Serge Roques, who represents the National Financial Prosecutor's Office (PNF) at the hearing with Eric Russo. "Tax fraud is nothing but a theft committed against the community"said this last one.
"Being the first bank in the world involves the tasks and the forces of the order The pecuniary sanction imposed on UBS must be proportional to the amount of the funds.It is necessary in a necessary way.The facts are exceptional in their size . "
Hunting and bank propaganda parts in the UBS test menu
If the sentence confirmed this amount, it would be the largest fine imposed on a bank in France. It would remain, however, lower than the amounts inflicted in other countries and in particular in the United States.
The average of the top ten fines issued by US regulators exceeds 10 billion dollars (about 9 billion euros) when it does not reach 90 million euros in France.
Conditional sentences of 6 to 24 months with fines of € 50,000 to € 500,000 were imposed on six executives and former executives of UBS:
- six months of suspension and € 50,000 fine for Hervé d & # 39; Halluin, former head of the UBS Office of Lille;
- twelve months suspended and 300,000 euros fine for Patrick de Fayet, former number 2 of UBS France
- 24 months suspended and € 500,000 fine for the former 3 number of UBS AG, Raoul Weil;
- 18 months suspended and € 400 fine for Dieter Kiefer, director of asset management for Western Europe;
- 12 months suspended and 300,000 euros fine for Philippe Wick, head of the UBS France International division;
- 12 months suspended and 300,000 euros fine for Olivier Baudry, who had replaced Philippe Wick after his departure.
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