The case against UBS kicks off today in Paris. The bank faces charges of assisting clients to evade the French tax authorities and of money laundering.
The French state prosecutors and the UBS will clash swords from 13:30 CET on Monday. The bank and some former employees will face charges of laundering the proceeds from tax fraud, the illegal soliciting of clients and assistance in tax evasion.
The bank is alleged to have assisted wealthy French clients in hiding billion of undeclared assets from the tax authorities. Monday's Today’s hearing will conclude a multi-year process conducted by the French justice authorities, as also reported by finews.com.
Feisty UBS
The hearing is expected to last around six weeks. However since the defendant’s lawyers often plead for nullity or rejection of the charges, they could force an adjournment on the first day.
UBS is approaching the hearing with a feisty attitude. «After more than six years we will at last have the opportunity of answering the groundless and media-driven allegations», UBS told news agency «AWP».
