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UBS Sets Aside €450M For French Money-Laundering Fine

Law360, London (March 15, 2019, 12:11 PM GMT) -- UBS AG said Friday it has set aside €450 million ($510 million) after a French court hit it with a €3.7 billion fine for money-laundering, even though the Swiss bank maintains there is a “lack of evidence to support the charges.”

The bank says it has set aside the money as a “best estimate of the possible financial implications” after it was found guilty on charges of illegally soliciting clients and laundering the proceeds of tax evasion. (AP) The banking giant said it has put aside the money as a “best estimate of the possible financial implications” after being found guilty in...

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