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.
