FR-2019-01 · France · 2019
Paris court convicts UBS over cross-border client solicitation; higher courts revise the penalty
A Paris court convicted the bank of unlawful solicitation of French clients and aggravated laundering of tax fraud proceeds. On appeal the finding was maintained while the financial penalty was reduced and later reassessed.
- Institution
- UBS AG / UBS France
- Authority
- Tribunal correctionnel de Paris / Cour de cassation
- Status
- Conviction confirmed; penalty reassessed
- Theme
- Cross-border solicitation · tax
- Raised by
- Disclosures by former employees, then criminal prosecution
- Jurisdiction
- France
- Matter arose
- 20 February 2019
- Last recorded
- 15 November 2023
- Amount
- EUR 3.7bn at first instance; later reduced
What the sources record
The first-instance judgment of 20 February 2019 imposed a EUR 3.7bn fine plus damages.
The Paris Court of Appeal reduced the penalty in December 2021.
On 15 November 2023 the Cour de cassation confirmed the criminal finding and ordered the penalty to be re-examined.
Timeline
2019-02-20
Conviction and EUR 3.7bn penalty at first instance.
2021-12-13
Paris Court of Appeal reduces the penalty.
2023-11-15
Cour de cassation confirms the finding, orders penalty re-examination.
Primary sources
Questions and answers on this entry
- What does register entry FR-2019-01 record?
- Paris court convicts UBS over cross-border client solicitation; higher courts revise the penalty. A Paris court convicted the bank of unlawful solicitation of French clients and aggravated laundering of tax fraud proceeds. On appeal the finding was maintained while the financial penalty was reduced and later reassessed.
- Which authority is recorded against UBS AG / UBS France?
- The entry is recorded against Tribunal correctionnel de Paris / Cour de cassation, in the France jurisdiction, under the theme Cross-border solicitation · tax.
- What is the current status of this entry?
- Status: Conviction confirmed; penalty reassessed. Last recorded change: 15 November 2023. The matter arose or was first recorded on 20 February 2019.
- How was this matter brought to light?
- Disclosures by former employees, then criminal prosecution. Each statement in the entry reflects material already published by a named source; nothing beyond those sources is asserted or inferred.
- Where can the primary sources for FR-2019-01 be checked?
- The entry links to Reuters — UBS fined EUR 3.7bn, 20 February 2019; Reuters — Cour de cassation ruling, 15 November 2023.
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