France Stakes Claim Its Share Of UBS’s Legal Reserve

Last seen whining (albeit not entirely without justification) about how unfairly the U.S. was treating its banks, France has decided it might not mind piling on a foreign bank itself.

French magistrates have placed Swiss banking giant UBS AG under formal investigation for money laundering, widening an existing probe examining whether the bank helped wealthy French customers evade taxes.

The magistrates requested the bank pay bail of €1.1 billion ($1.49 billion) by Sept. 30, a spokeswoman for the Paris prosecutor’s office said.

If convicted, UBS could be hit with a significant fine and limitations on its ability to do business in France, she said.

UBS Hit by French Money Laundering Probe [WSJ]

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4 Responses to “France Stakes Claim Its Share Of UBS’s Legal Reserve”

  1. Captain Oblivious says:

    The French. Seriously what pieces of human shit. BNP behind this, trying to root for one of these guys is like picking your favorite between the Hindenburg and the Titanic. Both total disasters. Viva La France!!!

  2. Shaz's beard says:

    UBS sucks

    -everyone who is not RBS

  3. Everyone says:

    Who would hide money from a social govt with no hope of economic growth?

  4. IBAssoc says:

    Pls fix headline thx