UBS, one of the largest Swiss banks, came into focus of the French law enforcement agencies. French officials filed a lawsuit against the company for taking part in the criminal scheme that allowed the French branch of UBS to evade taxes. If they manage to prove guilt of UBS employees, the bank is to face a large fine.
Another reason to impose fines is allegations that UBS helped rich clients from France avoid paying taxes from 2004 to 2011. If investigators find irrefutable evidence of this serious violation, the amount of the fine may increase to several hundred million euros. The French branch of the Swiss bank is considered a party to the offense. According to prosecuting attorneys, UBS helped wealthy French citizens open accounts in Switzerland without notifying the French authorities. But in comparison with fines levied on several American banks this amount does not seem that impressive.
The biggest fine was imposed on US bank JPMorgan, one of the oldest and largest companies in the world, which assets exceed $2.4 trillion. Given the large volume of transactions, the bank constantly attracts attention of the US authorities. The total amount of fines imposed on the bank exceeds $13 billion.
