Global wealth manager UBS has filed an appeal with the French Supreme Court regarding the decision of the court of appeal that upheld its conviction for money laundering.
On 13 December 2021, the court found UBS guilty of promoting illegal banking services and money laundering, unlawful solicitation and aggravated laundering of the proceeds of tax fraud relating to the bank’s cross-border business activities in France between 2004 and 2012.
The Paris Court of Appeal ordered UBS to pay a €1.8bn fine for allegedly helping clients evade tax, a penalty which was more than halved from the original €4.5bn (£3.8bn, $5bn) sum.
UBS said in a statement on 20 December 2021: “The notice of appeal was filed within the statutory five-day notice period to preserve UBS’ rights.
“This enables UBS to thoroughly assess the verdict of the Court of Appeal and to determine next steps in the best interest of its stakeholders.”
All penalties have been suspended now that UBS has appealed the outcome.