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UBS fined in tax evasion probe

UBS fined in tax evasion probe
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The French unit of Switzerland’s UBS has been fined 10 million euros by the French banking regulator ACP.

The penalty is for UBS having delayed tightening controls on money-laundering and tax evasion.

The ACP said UBS France had dragged its heels following an initial warning in 2007 and had waited 18 months before putting in place necessary oversight.

The bank said it was considering an appeal as it disagrees with many of the regulator’s conclusions.

The fine is separate from a judicial investigation into whether UBS offered accounts in Switzerland to French customers so they could avoid paying taxes in their home country.

In that probe, magistrates are asking Swiss authorities for details of 353 people suspected of having accounts there.

Switzerland, the world’s biggest offshore financial centre, is under massive pressure from the EU, the US and elsewhere to share banking data and stop procedures that other countries say have supported tax evasion.