UBS Can't Shield French Clients' Tax Data, Swiss Court Says

Law360 (July 16, 2020, 7:50 PM EDT) -- A Swiss court rejected UBS Group's bid to block the transfer to France of client data that the banking giant says could undermine its appeal of a €4.5 billion ($5.1 billion) penalty for helping French clients avoid taxes.

A ruling issued Wednesday by Switzerland's Federal Administrative Court said UBS' argument that the data could be used by prosecutors in Paris was unfounded. The court also upheld a February decision by the Swiss Federal Tax Administration to revoke the bank's status as a party to information exchanges with France's tax authority.

According to a three-judge panel of the court, UBS will no...

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