The UBS trial in France is in its last throes and the lawyers working for Switzerland’s biggest bank keep fighting its corner.
The trial is nearing its close in Paris and the UBS legal team has presented its case against the allegations of money laundering and illegal soliciting. The Swiss side denies wrong-doing and says the case is lacking in substance.
No proof and no victim means no case, is how the argument is being lined in short, according to «cash», a Swiss online newspaper. Also, the bank says that France tried to turn the burden of proof onto the defendant.
Verdict in 2019
The simple contact between businessmen in France and Switzerland in itself isn’t criminal. The French prosecution alleges that the bank didn’t just meet French customers, but also helped them hide their assets from the state. It has filed for a 3.7-billion-euro-fine ($4.16 billion) and compensation of a further 1.6 billion euros.
The trial is due to close later this week. The verdict isn’t expected before next year and may yet be subject to an appeal.
