UBS Bank Settles Tax Probes into its Italian Branches

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Swiss bank UBS has agreed to pay the Italian authorities EUR €125 million to end criminal investigations into money laundering by its employees, in a case whereby the bank has supposedly profited from tax evasion by its Italian client base.

A confiscation order totalling EUR €8.9 million was also imposed. UBS has already paid EUR €100 million to settle the relevant civil tax dispute related to its activities with Italian clients between the years of 2012 – 2017.