The National  Memo Logo

Smart. Sharp. Funny. Fearless.

Monday, December 09, 2019 {{ new Date().getDay() }}

Paris (AFP) – Swiss bank UBS was on Wednesday charged with tax fraud in Paris for allegedly helping rich French clients to hide money in Switzerland, a judicial source said.

The bank, which was already under investigation for illegal solicitation of customers in France, will now have to pay a total bail of 1.1 billion euros ($1.5 billion), the source told AFP.

UBS’s Swiss business is suspected of illegally canvassing French customers and setting up dual accounts to hide the movement of capital into Switzerland.

The judicial source said the charges relate to money kept in accounts in Switzerland between 2004 and 2012. A probe was launched after former UBS employees blew the whistle.

The ACP, the Bank of France’s regulatory arm, had been alerted to the undeclared accounts between 2002 and 2007.

According to judicial sources, the new bail is equivalent to 42.6 percent of USB’s after-tax profits last year and 2.8 percent of shareholder funds.

The move by Paris comes amid a global clampdown on tax evasion by authorities around the world.

This week Credit Suisse said it lost 700 million Swiss Francs ($775 million, 576 million euros) in the second quarter of the year after paying a $2.6 billion fine for tax evasion to the U.S.

On Monday, the OECD said countries had identified an estimated 37 billion euros of hidden taxes through voluntary disclosure by more than half a million taxpayers in recent years.

AFP Photo/Fabrice Coffini

Advertising

Start your day with National Memo Newsletter

Know first.

The opinions that matter. Delivered to your inbox every morning

Ivanka Trump told the House Select Committee investigating the violent January 6, 2021, attack on the U.S. Capitol that she accepted former Attorney General William P. Barr’s assertions that her father’s stolen election claims are “bullshit.”

But the New York Times revealed on Tuesday that for more than a month after the election, Trump’s fruitless legal crusade to overturn the 2020 election results had his eldest daughter’s complete and total backing. Per the Times, Ivanka told a documentary film crew in mid-December 2020 that she wanted Trump to “continue to fight until every legal remedy is exhausted” because “a lot of Americans” were supposedly questioning “the sanctity of our elections.”

Keep reading... Show less

Wandrea "Shaye" Moss

YouTube Screenshot

Georgia election worker Wandrea “Shaye” Moss was collateral damage in Fox News’ campaign to prop up Donald Trump’s false claims of election fraud following the 2020 presidential election.

In December 2020, the network’s prime-time hosts and “straight news” personnel alike baselessly suggested that Moss and her mother and fellow election worker, Ruby Freeman, had participated in a fraud scheme. The Fox personalities don’t seem to regret their actions: After Moss described the impact those conspiracy theories had on her life to the January 6 House select committee on Tuesday, the network devoted all of 14 seconds to her testimony.

Keep reading... Show less
{{ post.roar_specific_data.api_data.analytics }}