France Hits UBS with €3.7 Billion Penalty for Tax Fraud, Money Laundering

Former UBS global wealth management executive Raoul Weil, left, enters a courthouse in Paris, France on Wednesday, Feb. 20, 2019, ahead of his acquittal on charges of aiding tax evasion. UBS was ordered to pay €3.7 billion at the conclusion of the trial. (AP Photo)



The Financial Action Task Force published an updated table of ratings that reflect the extent to which a country's anti-money laundering measures have been implemented and the effectiveness of such measures. The assessment table includes ratings on all countries evaluated under the 2013 methodology.
The Organization for Security and Co-operation in Europe announced that it supported a training seminar in Astana, Kazakhstan on good legislative and judicial practices to designed to combat human trafficking.

Enforcement Actions

The Office of Foreign Assets Control (OFAC) of the U.S. Treasury Department agreed to settle with the Newton, CT-based company for its apparent violations of the Iranian Transactions and Sanctions regulations.
The Hong Kong Securities and Futures Commission has reprimanded and levied a fine of HK$15.2 million on the Hong Kong chapter of the Guosen Securities Brokerage Company, Limited for violating anti-money laundering and counterterrorist financing regulations.