french prosecutors seek ubs tax fraud trial
Last Updated : GMT 09:07:40
Egypt Today, egypt today
Egypt Today, egypt today
Last Updated : GMT 09:07:40
Egypt Today, egypt today

French prosecutors seek UBS tax fraud trial

Egypt Today, egypt today

Egypt Today, egypt today French prosecutors seek UBS tax fraud trial

This photo taken on February 25, 2016 shows the logo of the Swiss global financial services company
Paris - AFP

French finance prosecutors have asked for Swiss bank UBS to face trial for allegedly orchestrating a vast system of tax fraud in France, a legal source said Monday.

The prosecution requested that UBS face trial for "aggravated laundering of tax fraud proceeds" while its French branch be judged for complicity in these crimes.

It also requested a trial against Raoul Weil, the former head of the bank's global wealth management business, who was charged with tax evasion and illegally canvassing French customers last year, and three other top-level employees.

Investigative judges will now rule on whether the trial will go ahead.

France opened a probe into UBS after former employees blew the whistle over the bank's alleged system of setting up dual accounts to hide the movement of capital into Switzerland between 2004 and 2012.

The banks employees allegedly approached French clients, from wealthy businessmen to sports stars, during receptions, golf tournaments or concerts, to convince them to hide their money in Switzerland.

UBS is accused of using a double accounting method to hide the movement of illicit funds between the two countries.

UBS denies the accusations, arguing that its involvement in such financial operations has not been proven.

Germany last year handed documents to the French judges which allowed them to evaluate the assets of French clients held by the bank in 2008 at nearly 12 billion euros ($13.5 billion), said a source close to the investigation.

However not all involved tax evasion.

The documents also boosted suspicions that the managers of UBS were allegedly aware that a part of these assets were linked to tax evasion.

UBS was first charged with illicit dealings in 2013 and in 2014 with aggravated laundering of tax fraud proceeds.

French judges ordered UBS to pay a record bail of 1.1 billion euros. 

UBS has also been charged in Belgium for tax fraud and featured among the banks which set up offshore companies that were exposed in a vast leak of documents dubbed the Panama Papers.

 

egypttoday
egypttoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

french prosecutors seek ubs tax fraud trial french prosecutors seek ubs tax fraud trial



GMT 09:23 2013 Thursday ,03 January

Haifa Wehbe: No 2012 regrets

GMT 16:55 2018 Tuesday ,16 January

Stylist fashion editor commences role

GMT 21:47 2015 Monday ,31 August

Jack Black stars in new 'Goosebumps' trailer

GMT 08:04 2017 Monday ,30 October

Pakistani bridal brand Élan showcases

GMT 11:57 2018 Thursday ,04 January

Thiem through but more seeds fall at Qatar Open

GMT 08:46 2017 Friday ,07 July

Stella Magazine associate editor

GMT 09:48 2017 Sunday ,22 October

Barcelona roll on calmly amidst Catalan chaos

GMT 08:09 2017 Monday ,27 February

A Useful Guide to Repaint the Exterior of Your Home

GMT 13:41 2017 Saturday ,06 May

Shah Rukh Khan’s Dubai film

GMT 23:20 2017 Wednesday ,08 February

In same sportive look as sibling Gigi
 
 Egypt Today Facebook,egypt today facebook  Egypt Today Twitter,egypt today twitter Egypt Today Rss,egypt today rss  Egypt Today Youtube,egypt today youtube  Egypt Today Youtube,egypt today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

egypttoday egypttoday egypttoday egypttoday
egypttoday egypttoday egypttoday
egypttoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
egypttoday, Egypttoday, Egypttoday