UBS is paying a three-digit million sum to set aside a long-running tax dispute with Italian prosecutors.
The Zurich-based bank clinched an agreement with Italian officials last month, according to its quarterly report. As part of the settlement, inked in June and unreported until now, UBS will pay 101 million euros ($111.7 million) to put to rest allegations from Milan prosecutors that it may owe taxes and penalties from as recently as 2017.
The pact represents another in a series of settlements that UBS and other Swiss banks have had to reach with neighboring countries to make amends for its past as a haven for undeclared money. By contrast, UBS is struggling to settle in France, where it was convicted of money laundering and other charges in a French court and ordered it to pay 4.5 billion. It is appealing the ruling.
