-
UBS close to settling in Italy money-laundering probe: sources
Swiss bank UBS (UBSG.S) has reached a provisional deal with Italian prosecutors to pay 3 million euros ($3.3 million) to settle a money-laundering investigation, two sources said, in a move to end one of its biggest legal headaches in Europe. The bank has been grappling with two separate investigations in Italy and a court case in France over allegations it enabled cross-border tax cheats to hide assets in Switzerland. The proposed money-laundering settlement, known as an “agreed penalty”, has yet to be confirmed by a judge but it has already been backed by Milan prosecutors and has a strong chance of being ... (full story)