UBS agrees to almost $1-billion payment to resolve French tax case
UBS, the Swiss banking giant, has reached an agreement to pay nearly $1 billion to settle a legal dispute related to its cross-border operations in France from 2004 to 2012, the bank announced last week.
Under this agreement, UBS will pay a hefty fine of 730 million euros ($860.45 million) along with an additional 105 million euros in civil damages to the French government, as detailed in their statement.
In 2023, the French Supreme Court upheld a Paris appeals court's ruling, which found UBS guilty of illegal client solicitation and aggravated money laundering, and sent the case back to a lower court for reassessment of the financial penalties and civil damages.
Former French president Sarkozy was given a five-year sentence after Libya case
Former French President Nicolas Sarkozy has been sentenced to five years in prison after being convicted of criminal conspiracy in connection to millions in illicit funds linked to the late Libyan leader, Col Muammar Gaddafi.
This ruling will require Sarkozy to serve his jail time regardless of any appeals he intends to file, as he made clear after the hearing.
Sarkozy, who maintains that the charges are politically charged, faced accusations of utilizing Gaddafi’s funds to support his 2007 presidential campaign, allegedly trading the funds for promises to assist Gaddafi in improving his tarnished image in the West.
Canada’s anti-money laundering agency imposes nearly $20M fine, its largest penalty ever, on operator of major crypto exchange
Canada’s anti-money laundering agency has announced a historic penalty of nearly $20 million—the largest fine it has ever levied—against the operator of the prominent cryptocurrency exchange, KuCoin.
On July 28, Fintrac confirmed it imposed a $19,552,000 fine on Peken Global Ltd. for breaching Canadian money laundering regulations. The Seychelles-based company, which boasts around 40 million global users and daily trading volumes exceeding US$9 billion, is contesting the fine in the Federal Court.
Fintrac cites multiple infractions by Peken Global, including its failure to register as a foreign money services business, neglecting to report significant virtual currency transactions, and failing to submit reports on suspicious transactions.
In a statement, Fintrac director and CEO Sarah Paquet emphasized that these regulations are crucial for safeguarding Canadians and the economy, assuring that the agency collaborates with businesses to ensure they meet their legal obligations.
