French Courts Sue UBS EUR €4.5 billion in Money Laundering Charges

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UBS bank in Switzerland has been in the news recently with claims of money laundering and tax evasion; with French courts accusing the lender of facilitating wealthy clients evade tax and launder the proceeds of tax fraud. The bank was fined the unparalleled sum of EUR €3.6 billion, as well as EUR €800 million in damages.

UBS has spoken publicly regarding the charges and claims that the lender will appeal the money laundering as being based on “unfounded allegations of former employees”.