Switzerland's biggest bank has one criminal proceeding less to deal with after reaching a settlement with Belgian prosecutors.
UBS reached a settlement with Belgian authorities over allegations of helping clients evade taxes. The bank will pay 49 million euros ($56 million) without having to admit guilt related to incidents during the years from 2005 to 2013, according to a statement by the court.
In return, prosecutors will drop charges of money laundering and of operating a criminal organization. «For UBS, the settlement means that a long-running case related to allegations from more than a decade ago can be closed without any admission of guilt,» Belgian authorities said in a statement.
In France however, criminal proceedings with regard to tax evasion are still pending. A French court is expected to make a decision on the bank’s appeal on December 13. Previously the bank had been fined 4.5 billion euros.
