UBS close to settling in Italy money-laundering probe: sources
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

Photo (cropped): Simsalabimbam [CC BY-SA 3.0], via Wikimedia Commons

Read more:

UBS switches stance with plan to offer $113 million tax settlement in Italy

Swiss UBS ruling could open new doors on client data

Banking: UBS fined €4.5 billion over money laundering, tax fraud

Count reading this article to your CPD minutes, by signing up to our CPD Wallet

FREE CPD Wallet

You must be logged in to post a comment.

This site uses Akismet to reduce spam. Learn how your comment data is processed.