UBS’s Record French Tax Fraud Penalty Slashed to $2 Billion

Overall levy slashed from 4.5 billion euros by judges
Punishment includes 1 billion-euro confiscation order

WATCH: UBS Group AG’s penalty for tax fraud has been slashed by more than half by a Paris appeals court. Nabila Ahmed reports.Source: Bloomberg

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By Gaspard Sebag and Phil Serafino

December 13, 2021 at 12:57 PM UTC

Updated on

December 13, 2021 at 4:21 PM UTC

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UBS Group AG was ordered to pay a 1.8 billion-euro ($2 billion) penalty for helping wealthy French clients stash undeclared funds in Swiss accounts, less than half the levy that the lender had initially faced.

The Paris court of appeals on Monday upheld a 2019 finding that the bank had illegally laundered funds by providing customers with a range of services to hide assets from tax authorities. UBS said in a statement on Monday that it’s reviewing all its options, including a possible further appeal.