“A French banking watchdog said on Wednesday that it fined the French branch of UBS, Switzerland’s largest bank, ten million euros for helping hundreds of well-heeled clients stash money away in undeclared Swiss accounts.  The bank immediately hit back in a statement, protesting that the fine, about $13 million, was disproportionate.  The issue jumped back to the top of the government’s agenda in the wake of a scandal surrounding the former budget minister Jérôme Cahuzac, who in April was himself placed under investigation for tax fraud. His role as budget minister included tackling tax evasion.”

http://www.thelocal.ch/20130626/french-banking-watchdog-levies-fine-against-ubs

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