Brian Monroe, 17 October 2019
UBS pays $11 million to settle Italian money laundering probe, tied to tax fracas An Italian judge has accepted a request by UBS 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, just the latest in a series of international probes and settlements tied to financial crime and compliance failures.
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. Continue reading “Article: Fincrime Briefing: UBS pays to settle laundering probe, U.S., South Korea take down largest crypto-fueled child exploitation site, DOJ guidance on fines when you can’t pay, and more”
