Swiss bank UBS could face a five-billion-euro fine if found guilty of money-laundering money for customers who dodged taxes in France. The bank is suspected of having canvassed wealthy French citizens to set up dual accounts to hide cash in Switzerland, reports RFI.
UBS on Tuesday made a 1.1 billion-euro bail payment in France in a case concerning accusations that it helped wealthy French customers avoid tax in France and hide money in Switzerland.
The bank was charged* with tax fraud in July and ordered to pay the bail.
An appeal by UBS was rejected and, according to Swiss daily Le Temps which says it has managed to see the judges' order, "this deposit might only be an appetizer".
"The judges in charge of the case state in black and white the amount of the fine UBS will have to pay if convicted: it could be up to five billion euros," wrote Le Temps in its Friday edition.
The alleged money-laundering occured between 2004 and 2012.
Read more of this report from RFI.
Read Mediapart's coverage of this issue here.
* Under a change to the French legal system introduced in 1993, a magistrate can decide a suspect should be 'placed under investigation' (mise en examen), which is a status one step short of being charged (inculpé), if there is 'serious or concordant' evidence that they committed a crime. Some English-language media describe this status, peculiar to French criminal law, as that of being charged. In fact, it is only at the end of an investigation that a decision can be made to bring charges, in which case the accused is automatically sent for trial.