Money laundering investigation for UBS AG by French magistartes
![ubs](https://www.onestopbrokers.com/wp-content/uploads/2014/03/ubs.jpg)
UBS is under formal investigation by French magistrates for money laundering regarding whether the bank helped wealthy French customers evade taxes.
The bank has been ordered to pay bail of €1.1 billion by Sept 30. In case the bank is fined, the money would be used as a down payment. If charges are dropped, UBS would recover the amount.
UBS has repeatedly said it is cooperating fully with the French authorities.
Source: wsj