France fines UBS €3.7b for helping rich French residents launder more than €10b

Swiss banking giant UBS has been hit with the largest fine in French history: €3.7b, the result of a 7-year investigation of the bank's role in helping the wealthiest French citizens hide €10b from tax authorities. The fine is more than ten times larger than the next-largest fine in French history, when HSBC paid €300m over its wrongdoing. The fine represents 92% of the bank's 2018 profits. Read the rest