UBS Is Fined $4.2 Billion in French Tax-Evasion Case
“Judges in Paris found UBS guilty of illegally recruiting clients in France and helping them to launder money.
French judges ordered UBS Group AG to pay a record €3.7 billion ($4.2 billion) fine for helping wealthy clients in France evade taxes,
as Switzerland’s largest bank struggles to turn the page on legal entanglements stemming from its core wealth-management business.
Judges in Paris found the Zurich-based bank guilty of illegally recruiting clients in France and helping them to launder money that wasn’t declared to French fiscal authorities.
In handing down the largest-ever fine in France, the judges described the lender’s crimes as “exceptionally serious.”
“The conviction is not supported by any concrete evidence,” UBS said, adding that it planned to appeal the decision.”
Tax Evasion damages trust in (democratic) governments
and their abilities to actually apply their own laws – only tax the poor 40% income plus 19% when spending but not the rich?