Paris — French prosecutors and lawyers for the government said UBS Group should be ordered to pay €3bn — 33% less than the original judgment — for allegedly helping French clients hide money from the nation’s tax authorities.
“For facts of an exceptional magnitude, it is necessary to apply an exceptional fine,” Roques said on Monday during closing arguments in the case that started earlier in March. At the time, UBS had started by offering €180m, less than a fifth of the €1.1bn bond it had to post in the case. As French enforcers dismissed the UBS offer, which it had improved slightly, as unacceptable, the bank’s legal team decided to play hardball, pushing the case to trial in the hope of wringing out a smaller penalty.
Six months after UBS was slapped with the fine, France’s Cour de Cassation in September 2019 ruled that the penalty demanded from a man convicted of laundering undeclared funds in an unrelated case should be sharply cut. The top judges said it had been erroneously based on the amount hidden from tax authorities rather what was owed.
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