Court in France denies UBS bid to drop money laundering charge
After seven years of investigation and aborted settlement talks, UBS will also answer charges that it illegally solicited clients in France
Paris — A French court on Thursday threw out a request by Swiss bank UBS for the constitutional court to drop money laundering charges and limit proceedings to complicity in tax fraud, which carries lighter penalties. UBS, its French unit and six executives and former executives face charges of aggravated tax fraud and money laundering in an investigation into allegations they helped wealthy clients avoid taxes in France. Under French law, on the first day of a trial a defendant can raise objections to the case going ahead on grounds that the constitution has been flouted. The court described the bank's arguments as "devoid of seriousness". After seven years of investigation and aborted settlement negotiations, UBS will also answer allegations that it illegally solicited clients in France. UBS, Switzerland's largest bank, said in a statement it still expects the court will re-qualify the charges based "on the facts presented and the law". "We believe that the prosecution has not pre...
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