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Swiss bank, UBS Group AG (UBS) and its French unit penalized with EUR 4.5 billion ($5.1 billion), including civil damages of EUR 800 million, by the French trial court.
UBS Group AG building in St. Gallen.UBS maintains strict banking secrecy practices which have been used to facilitate tax evasion. The Swiss investment bank and financial services company, UBS Group AG, has been at the center of numerous tax evasion and avoidance investigations undertaken by U.S., French, German, Israeli, and Belgian tax authorities as a consequence of their strict banking ...
PARIS (Reuters) -French judges on Monday postponed until Dec. 13 a ruling on UBS's appeal against a landmark fine, in a case in which the Swiss bank has contested allegations it helped wealthy ...
Credit Suisse, which UBS bought in June, reached a similar $5.28 billion settlement in 2017. In a press release, UBS said it previously set aside reserves to cover the $1.43 billion payout.
Bradley Charles Birkenfeld (born February 26, 1965) is an American private banker, Author of Lucifer's Banker, convicted felon, and whistleblower.During the mid- to late-2000s, he made a series of disclosures about UBS Group AG clients, in violation of Swiss banking secrecy laws, to the U.S. government alleging possible tax evasion.
A Swiss court will decide within weeks whether UBS must hand over historical client data to French tax authorities, a ruling that could open the door to fresh financial claims against Switzerland ...
On 19 February 2009, the US government filed suit against UBS to reveal the names of all 52,000 U.S. customers, alleging that the bank and these customers conspired to defraud the US tax authority IRS of legitimately owed tax revenue. [10] However revealing customer names was contrary to Swiss law and put UBS in a difficult position.
On the very first day of a trial in France, Swiss bank, UBS Group AG (UBS), its French unit and six executives under purview of tax fraud and money laundering allegations.