Money laundering investigation for UBS AG by French magistartes
UBS is under formal investigation by French magistrates for money laundering regarding whether the bank helped wealthy French customers evade taxes.
The bank has been ordered to pay bail of €1.1 billion by Sept 30. In case the bank is fined, the money would be used as a down payment. If charges are dropped, UBS would recover the amount.
UBS has repeatedly said it is cooperating fully with the French authorities.
Source: wsj
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