05 Nov 2019
Judges at the Paris Court of Appeals said on Monday the UBS retrial will run from June 2-29. At the end of the first trial UBS was chastised by a judge for criminal wrongdoings of “an exceptionally serious nature.”
The Swiss lender was convicted in February of laundering customers’ undeclared funds, and dispatching bankers across the border to seek out new clients even though they lacked the paperwork to offer such services in France.
The UBS case is part of a French crackdown on tax fraud and money laundering operated through Switzerland that’s seen the conviction of a former minister and HSBC Holdings Plc pay 300 million euros to settle a case.
By Gaspard Sebag, Bloomberg, 4 November 2019
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