French authorities Wednesday fined UBS, a bank based in Switzerland, roughly $5.1 billion over concerns it helped clients hide money in undeclared accounts.
Feb. 20 (UPI) — French authorities Wednesday fined UBS, a leading European bank based in Switzerland, roughly $5.1 billion after accusing the financial institution of helping rich French clients hide money in undeclared Swiss accounts.
A Paris criminal court ruled UBS provided French customers the means to cloak assets from the country’s tax authorities, Bloomberg reported.
“The criminal wrongdoings were of an exceptionally serious nature,” presiding Judge Christine Mee said. “These acts were committed behind the veil of opacity.
