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

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