French court refuses UBS request to drop money laundering charge
12 Oct 2018

A French court on Thursday threw out a request by Swiss bank UBS (UBSG.S) for the constitutional court to drop money laundering charges and limit proceedings to complicity in tax fraud, which carries lighter penalties.

UBS Group AG, its French unit and six executives and former executives face charges of aggravated tax fraud and money laundering in an investigation into allegations they helped wealthy clients avoid taxes in France.

Under French law, a defendant can on the first day of a trial raise objections to the case going ahead on grounds that the constitution has been flouted. The court described the bank’s arguments as “devoid of seriousness”.

Read the full story at Reuters.

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