Money laundering scandals involving some of the world’s largest banks have grown this week. Switzerland’s largest bank, UBS, has been fined 3.7 billion euros (~$4.2 billion) for money laundering. Amid a $226 billion scandal, Estonian authorities have ordered Denmark’s largest bank to terminate its operations in the country. Danske Bank is also shutting down in three other countries including Russia.
Also read: SEC Chair Explains Key Upgrades Needed for Bitcoin ETF Approval
UBS Convicted in France
On Wednesday, Reuters reported that a “French court finds UBS criminally responsible of money laundering.” The Associated Press elaborated:
The Paris court convicted Zurich-based UBS AG on Wednesday of aggravated money laundering of the proceeds of tax fraud and illegal bank soliciting, issuing what French media called a record…