December 20, 2016
The prosecution case, handed in by the French National Financial Prosecutor on June 24, accuses UBS of “illicit financial and banking sales practices” and “aggravated laundering of tax fraud”, the French-speaking paper said on Tuesday on its front page.
French judicial authorities’ have been investigating UBS since April 12, 2012 on suspicion of helping its wealthy clients avoid tax. It is alleged the bank illegally sold products designed to avoid French taxes. The bank was put under formal investigation for alleged complicity in suspected illegal sales practices in 2013.