The public prosecutor's office on Monday demanded in Paris a fine
"of at least two billion euros"
against the Swiss bank UBS, during his appeal trial for aggravated money laundering of tax fraud and illegal bank directing.
Read also: UBS on appeal to avoid a record fine
The two attorneys general estimated that the bank had indeed, between 2004 and 2012, sent Swiss salespeople to illegally “hunt” rich clients in France, in order to convince them to place their money in Switzerland away from the eyes of the French tax authorities.
They asked for the confirmation of the guilt of the bank, which had been imposed in first instance a fine of 3.7 billion euros, the heaviest sentence ever pronounced in France in a case of tax evasion.
The Swiss giant immediately appealed and disputed, throughout this second trial started on March 8, having broken the law.
There was
"at the time"
at UBS
"a great interest in collecting in abundance (money) by offering effective wealth management but also the concealment of said fortune, or a part, from the French tax authorities"
, summary lawyer general Muriel Fusina.
"It is a slice of history"
of the bank
"that we hope today is totally over,"
she added, recalling that Swiss banking secrecy -
"brandished"
as a
"shield"
by the warned - had
"cracked"
since 2018 and the entry into force of the automatic exchange of data between countries.
2.2 billion
The second Advocate General Serge Roques developed the thorny question of the amount of the fine incurred.
Relying on a judgment of the Court of Cassation of September 11, 2019, the defense maintains that this amount must be calculated on the basis of the taxes evaded and not of the total of the hidden funds - which can lead to a significant reduction of the sanction .
The magistrate, who had already requested at first instance, regretted the
"narrow conception"
of this decision of the highest judicial court, while
"taking note"
: according to his calculation, the amount incurred now reaches 2.2 billion.
Regarding the French subsidiary, judged for complicity, the prosecution asked for confirmation of the sentence of 15 million euros pronounced at first instance, as well as those pronounced for five former executives, who went up to 18 months of suspended prison sentence and a fine of 300,000 euros.
The prosecution also asked for the conviction of Raoul Weil, the only defendant released at first instance.
The state lawyer, civil party, had previously requested a billion euros in damages.
At first instance, UBS AG, UBS France and three former executives were ordered to jointly pay 800 million euros.
Defense pleadings are scheduled for Tuesday and Wednesday morning.