31 Jul 2019
Swiss bank UBS (UBSG.S) has reached a provisional deal with Italian prosecutors to pay 3 million euros ($3.3 million) to settle a money-laundering investigation, two sources said, in a move to end one of its biggest legal headaches in Europe.
The bank has been grappling with two separate investigations in Italy and a court case in France over allegations it enabled cross-border tax cheats to hide assets in Switzerland.
The proposed money-laundering settlement, known as an “agreed penalty”, has yet to be confirmed by a judge but it has already been backed by Milan prosecutors and has a strong chance of being approved, said the sources familiar with the matter.
Last month, UBS settled its other Italian case, a related financial investigation, with tax authorities for 101 million euros.
No charges have been laid against UBS in the money-laundering investigation which began in late 2017.
UBS declined to comment.
The settlement would go before a judge in the autumn, the sources said. UBS had already deposited in a Milan court’s bank account 10 million euros that the judge is expected to confiscate as profit of alleged money-laundering, they added.
By Emilio Parodi, Reuters, 29 July 2019
Read more at Reuters
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