21 Oct 2019
An Italian judge has accepted a request by UBS (UBSG.S) to pay more than 10 million euros ($11 million) to settle a money-laundering investigation, ending one of the Swiss bank’s biggest legal headaches in Europe.
“We are pleased to have resolved this matter,” a UBS spokesperson said in an email to Reuters on Thursday.
UBS has been grappling with two separate probes in Italy and a court case in France over allegations it enabled cross-border tax cheats to hide assets in Switzerland.
The judge on Thursday accepted the payment of 2.125 million euros as “agreed penalty” to close the case while also seizing 8.175 million euros as profit from the alleged money-laundering, two sources with direct knowledge of the matter said.
The settlement, which by Italian law is not an admission of guilt, was requested by UBS in July, after a deal with Italian prosecutors.
Last June, the Swiss bank paid 101 million euros to settle its other Italian case, a related financial investigation, with tax authorities.
By Emilio Parodi and John Revill, Reuters, 17 October 2019
Read more at Reuters
RiskScreen: Eliminating Financial Crime with Smart Technology
Count this content towards your CPD minutes, by signing up to our CPD WalletFREE CPD Wallet