Paris court judgment says UBS ignored staff warnings on tax dodging

By

The written judgment of the Paris court which on Thursday ruled that swiss bank UBS must pay a penalty of 4.5 billion euros for its practices of seeking out wealthy clients in France and helping them evade taxes through money laundering says that the bank refused to heed warnings by its staff over the illegal system. 

Reading articles is for subscribers only. Subscribe now.

UBS was warned numerous times over a period of at least six years that its French private bank risked breaking local tax laws, according to the written judgment in a case where the Swiss bank faces a 4.5 billion-euro ($5.10 billion) penalty, reports Reuters.