Thursday , October 6 2022

€ 3.7 billion fine against UBS, an unprecedented amount in France


The Swiss Swiss largest bank for illegal customers of French customers and laundering customers is deemed to exacerbate money.

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They needed a fine of 3.7 billion euros – an amount not previously seen in France – Thursday, November 8 against UBS. The largest private bank of the Swiss Confederation is accused of applying illegally to French customers and laundering money laundering tax fraud. Against its UBS subsidiary of France, a fine of € 15 million was needed.

"We must keep in mind the global level of sanctions", said prosecutor Serge Roques, pointing out to him "Exceptional facts by size". "Tax fraud is nothing more than theft committed against the community"says Eric Russo, who represents the Office of the National Financial Prosecutor (PNF) on his side.

For the prosecution, "UBS AG and his leaders were fully aware of breaching French law" by bringing to French tax residents during the periodeventssuch as reception areas, sports tournaments or hunting parties.

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A conditional sentence is required for former leaders

The PNF justified the fine required by a calculation taking into account the amount of French assets hidden in Switzerland, "Between between 3.7 and 23 billion euros according to the evaluations". The bottom of the range corresponds to the sums paid by UBS French customers to "Serious" or Bercy.

As a result of these inquiries, the bank announced that he would make his case at the hearing hearings next week. If the award confirms this amount, here is the largest fine set on a bank in France. However, it would continue to be more than the amounts submitted in other countries and especially in the United States.

The average of the first ten fines granted by US regulators is more than 10 billion dollars (about 9 billion euros) when it will not reach 90 million euros in France.

Six-to-twenty-four conditional sentences were set with fines of € 50,000 to € 500,000 against six UBS operators and ex-operators:

  • six months have been suspended and 50,000 euros are fined to Hervé d 'Halluin, former head of UBS office in Lille;
  • 12 months being suspended and three € 300,000 for Patrick de Fayet, before number two UBS France;
  • Twenty-four months are suspended and 500,000 euros are right for the previous three numbers of UBS AG, Raoul Weil;
  • eighteen months stopped and 400,000 euros fines for Dieter Kiefer, a wealthy management director for Western Europe;
  • is suspended over twelve months and three € 300,000 for Philippe Wick, head of the UBS France International division;
  • over twelve months and three € 300,000 for Olivier Baudry, who had taken over Philippe Wick after he had left.

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Avoiding tax: who are the main players in the UBS relationship?

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