UBS in $1.4 Billion Test of French Tax-Evasion Crackdown
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UBS AG, the world’s biggest manager of money for the rich, has become the test case for French President Francois Hollande’s tax-evasion crackdown.
The Swiss bank is set to learn from a Paris appeals court on Sept. 22 if it must post a 1.1 billion-euro ($1.4 billion) bond to cover a potential criminal penalty for alleged money laundering. Its French unit already paid a 10 million-euro fine for lax controls that may have enabled tax dodging.