UBS fined €3.7bn in tax fraud case

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Swiss banking giant UBS has been fined €3.7bn (£3.2bn; $4.2bn) in a French tax fraud case.

A court in Paris found that the bank had illegally helped French clients hide billions of euros from French tax authorities between 2004 and 2012.

UBS has denied any wrongdoing and a lawyer representing the firm said it would appeal against the ruling.

Following similar cases in the US in 2009 and Germany in 2014, the bank accepted multi-million pound fines.

The penalties include a €3.7bn fine as well as damages of €800m payable to the French state.

The bank has set aside $2.46bn to cover potential losses from litigation and regulatory requirements.

French prosecutors said UBS was “systematic” in its support to tax-evading customers and that the laundering of proceeds from the tax fraud was done on an “industrial” scale.