been convicted by The Swiss UBS Bank in France to a record fine of EUR 3.7 billion due to transactions with tax evaders. The Paris criminal court found the Bank guilty of French customers for years for tax fraud. The French branch of UBS will have to pay because of the Complicity of a further 15 million euros. The French government as a civil plaintiff, the court language in addition, 800,000 euros in compensation. It is the largest due to the tax fraud penalty in France.

The court thus followed the national financial Prosecutor’s office, which had found an “extraordinary Severity” of the debt in connection with tax evasion and illegal recruitment of customers. The UBS is said to have recruited accordingly, in the years 2004 to 2012 aggressively for wealthy French clients to hide their money with the help of Trusts, foundations and offshore companies before the tax authorities. The Bank had denied the allegations.

Because of the investigation, the French judiciary has already had a security Deposit of 1.1 billion euros against the money house is to be imposed. Before the court, the French branch of UBS, as well as six Managers were. The Bank had to be notified prior to the judgment, which in France amounts claimed were justified neither by the evidence nor the law.