UBS France Hit With $13M Fine For Lax Tax Evasion Controls

Law360, Washington (June 26, 2013, 2:24 PM EDT) -- UBS AG's French subsidiary on Wednesday was fined a record €10 million ($13 million) by a French regulator that said the bank was slow to correct lax oversight procedures that allowed its employees to allegedly help wealthy clients dodge French taxes by opening undeclared bank accounts in Switzerland.

According to French regulator Autorite de Controle Prudentiel, the UBS France fine is the largest allowed under the country's law, and comes just weeks after the Swiss bank was placed under a separate formal investigation for their alleged...
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