French justice definitively confirmed this Wednesday, November 15, the guilt of the Swiss banking giant UBS for aggravated money laundering, tax fraud and illegal canvassing. But she ordered a third trial to reevaluate the amount of penalties and state compensation.
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The first Swiss bank was sentenced by the Paris Court of Appeal in December 2021 to a total of 1.8 billion euros, including a confiscation of 1 billion, 800 million in damages and a fine of 3.75 million euros.
The company, which has always contested any infringement, 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. It had filed an appeal.
After a hearing on September 27, the Court of Cassation, France’s highest court, canceled the confiscation on Wednesday, deeming it illegal, as well as the compensation granted to the State, considering that it was not sufficiently justified.
New trial to determine the amount of penalties
A new trial will therefore take place in the coming months before the Paris Court of Appeal solely to determine the appropriate penalties and re-examine damages. The French subsidiary of the bank, UBS France, fined 1.875 million euros on appeal for complicity in illegal bank canvassing, had not filed an appeal.
His sentence is final, like those of four former executives, who were given suspended prison sentences of six months to one year, as well as fines ranging from 200,000 to 300,000 euros.
(With AFP)