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UBS bank faces EUR 3.7bn tax evasion fine

National News // By Tay Kinnear // Nov. 9, 2018

The bank UBS is facing a massive fine from a French court.

PIxabay UBS bank faces EUR 3.7bn tax evasion fine

Prosecutors are demanding EUR 3.7bn as the bank faces charges of avoiding tax between 2004 and 2012.

UBS is denying the accusations.

The French financial crimes office says nearly EUR 10bn was not reported to tax authorities.

Prosecutors are also seeking prison sentences and fines against specific executives.

Meanwhile, the bank is also facing legal action in the United States for mis-selling mortgage backed securities in 2008.

The bank also denies those charges. 

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