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Italian judge accepts UBS €10 Million proposal to settle money laundering case

Jaime Prieto Jaime Prieto 7 November - 2019
6 Less than a minute

After much discussion an Italian court accepted the proposal for settlement presented by UBS according to which €10 Million will be Pais without admission of wrongdoing.

The case is linked to a similar case in France according to which the bank would have systematically facilitated and at times proactively promoted tax evasion using secrecy laws in Switzerland.

For UBS this is a large step toward closing the chapter of tax evasion which have been weakening the reputation of the bank in Europe.

Source

https://www.reuters.com/article/us-ubs-settlement-italy/ubs-pays-more-than-10-million-euros-to-settle-italy-money-laundering-probe-idUSKBN1WW2EA

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Jaime Prieto

Jaime Prieto

Mr. Jaime Prieto is a lawyer experienced in Financial Crime, Anti-Money Laundering and Counter Terrorism Financing having extensive professional experience in both public and private sectors. Mr. Prieto has been a Head of Compliance in the European Union, the Americas and the Caribbean for banks, trust companies, asset managers, Big Four audit and advisory firms, RegTechs, government agencies and other types of financial professionals. In addition to his experience, he has been legal and educational chair in several compliance and sectorial organisations and performed as a teacher and speaker for a number of organisations and in several local and international forums. Furthermore, Mr. Prieto is an experienced Money Laundering Reporting Officer anda Data Protection officer with additional experience in risk management.
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