Paris court orders UBS bank to pay 4.5bn euros in tax fraud case

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A Paris court has ordered Swiss bank UBS to pay a record fine of 3.7 billion euros and another 800 million euros in compensation to the French government after it was found guilty of laundering money for its wealthy clients in France in order for them to evade due tax payments.

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UBS Group was ordered to pay more than 4.5 billion euros ($5.1 billion) by a Paris court that found the bank guilty of helping wealthy French clients stash undeclared funds in Swiss accounts, reports Bloomberg.