A French constitutional court rejected a request by UBS bank to drop money laundering charge and limit proceedings to complicity in tax fraud.
UBS said in a statement it still awaits the court will re-qualify the charges based:
"We believe that the prosecution has not presented any evidence to support that a crime has been committed. We look forward to finally being able to present all of our factual and legal arguments to the court."
The UBS case is charged aggravated tax fraud and money laundering operations after a seven-year investigation.
According to a summary of prosecutors “UBS bankers organized client events in France, including golf tournaments, hunting outings and art exhibitions, to encourage residents to move undeclared assets to Switzerland.”
If UBS found guilty, the bank could be fined up to €5 billion ($5.8 billion).
The court decision's consequences may affect many fintech developments of the bank.
For example, earlier UBS stated that the blockchain technology is “almost a must" for business.
Moreover, last year six new banks have joined UBS in its effort to launch a digital cash system.
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