New $5.1 Billion Fine Of Swiss Bank USB AG For Money Laundering Pushes Bitcoin Narrative Forward
UBS Bank Fined With $5.1 Billion Due To A Money Laundering Scheme
The recognized Swiss Bank UBS AG has been hit with a $5.1 billion fine after being considered guilty for money laundering. A Paris court has taken this decision, that includes a €3.7 billion fine and €800 million in damages to the French state. The sum that the bank has to pay is extremely high. Indeed, it surpasses the bank’s net profit of $4.9 billion registered in 2018. UBS is one of the largest wealth management banks and denies any wrongdoing.
According to Christine Mee, the president of the court, the bank put its financial interest over the rights of the French state.
The bank has already issued a statement in which they reject this ruling and denies criminal misconduct.
“The verdict is based on unproven allegations by former employees who were not even heard at the trial. No evidence was provided that a French customer was approached by a client advisor of UBS AG for an account opening in Switzerland. Since there is no offense in France, the judgment effectively applies French law to Switzerland.”
The prosecution explained that the bank established a scheme to help tax evaders. According to the prosecutors, the bank provided business cards without logo and was using computers with software that allowed data to be quickly erased.
Bitcoin (BTC) has been several times attacked for being used to launder money and help criminals conduct illegal activities. The situation that involves UBS shows that financial institutions are also involved in illegal schemes. Bitcoin allows individuals and companies to transact funds in a very easy way.
The biggest violators are considered to be JP Morgan Chase, Bank of America and BP. Back in December UBS agreed to pay $68 million after being accused of rigging the London Interbank Offered Rate (Libor) that affected several financial instruments.
The U.S. Securities and Exchange Commission (SEC) has also reached an agreement with the financial institutions to pay $5 million for failing to report suspicious transactions.
Although Bitcoin has been attacked by mainstream media, banks are also involved in these kinds of illicit activities that harm investors and affect the integrity of financial markets.