The bank, which has always maintained that there is insufficient evidence to show such guilt, said on Monday that it would appeal to a higher court.
“This enables UBS to thoroughly assess the verdict of the Court of Appeal and to determine next steps in the best interest of its stakeholders,” the bank said in a statementExternal link.
UBS was originally found guilty in 2019 of seeking out French clients and advising them to hide their money in Swiss accounts. The court heard that the offences took place between 2004 and 2012 with the bank courting wealthy clients at lavish events.
The bank had chosen to argue its case in court after attempts to negotiate a settlement with the French authorities broke down.
Following the 2019 verdict, the bank stated that: “The conviction is not supported by any concrete evidence, but instead is based on the unfounded allegations of former employees who were not even heard at the trial.”
More
Debate
Hosted by:
Matthew Allen
What measures should countries take to protect themselves against tax evasion?
An appeal court in Paris has confirmed that Swiss bank UBS is guilty of having assisted French tax evaders – but reduced the penalty from €4.5 billion (CHF4.7 billion) to €1.8 billion. A former UBS employee-turned whistleblower, whose testimony sparked the French investigation, thinks this sends a mixed message. Media leaks, such as the Pandora Papers…
Should raw milk sales be banned or should consumers decide?
Swiss food regulations do not allow raw milk to be sold for direct consumption. However, a loophole allows 400 raw milk vending machines to do just that.
COP29: Swiss NGOs call for strong financial support
This content was published on
Ahead of COP29, Swiss NGOs call for wealthy nations to pay $1,000 billion a year to help other countries solve climate problems.
Real Swiss wages likely to rise in 2025, says UBS bank
This content was published on
Higher wages and falling inflation are likely to boost Swiss purchasing power, which will be dragged back by rising health premiums.
This content was published on
Switzerland has a new tectonic map at a scale of 1:500,000, containing updates to geometry, distribution and nomenclature of the tectonic units.
This content was published on
Swiss artist Daniel Spoerri, known for his artworks using leftover food with dirty cutlery and crockery, has passed away in Vienna at the age of 94.
Climate change tipped to alter Swiss avalanche patterns by 2100
This content was published on
Climate change is expected to result in fewer avalanches overall in Switzerland but to increase the danger of wet snow avalanches by 2100.
UBS to appeal record €3.7 billion French tax fraud fine
This content was published on
A French court on Wednesday found Swiss bank UBS guilty of illicit solicitation and laundering of the proceeds of tax fraud, imposing a hefty fine of €3.7 billion (CHF4.2 billion).
This content was published on
A Paris court is set to give a verdict on December 13 on Swiss bank UBS’s appeal against a French €4.5 billion tax evasion penalty.
This content was published on
UBS's appeal against a €4.5 billion tax evasion penalty has significance for shareholders and anti-corruption campaigners.
You can find an overview of ongoing debates with our journalists here . Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.