Former UBS banker loses appeal over selling data to Germany & More News Here

The Swiss Federal Court in Lausanne. © Keystone / Laurent Gillieron

The Swiss Federal Court has dismissed an appeal by a former UBS banker who had been convicted of business espionage and different expenses for passing secret financial institution data about rich purchasers to the German tax authorities.

This content material was printed on May 13, 2022 – 10:12

Keystone-SDA/Reuters/sb

The former worker was sentenced to 40 months in jail plus fines and court docket prices value greater than 125,000 Swiss francs ($125,200) when a decrease court docket discovered him responsible in 2019 of spying and cash laundering.

An appeals court docket in 2020 upheld the decision, as did the Swiss Federal Court in a ruling launched on Thursday. It dismissed his argument that the decrease court docket had performed proceedings in an inadmissible method.

The 48-year-old man, who has denied any wrongdoing, was accused of selling not less than 233 units of financial institution consumer data to the German state of North Rhine-Westphalia for about €1.45 million (CHF1.6 million) in 2012.

He was employed by UBS between 2005 and 2012 and apparently purchased an condo on the Spanish island of Mallorca with the cash paid by the German authorities however offered it once more later.

The defendant didn’t attend court docket proceedings and he dodged the sooner trial. He reportedly lives in neighbouring Germany and is unlikely to be extradited to Switzerland.

Decade-old dispute

At least 5 former financial institution workers have been convicted by Swiss courts for selling stolen consumer data to Germany and France since 2011.

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The UBS banker case is a part of a decade-old dispute between Switzerland and Germany in addition to different international locations over untaxed property.

Two years in the past, Switzerland carried out laws on the automated change of fiscal data about residents’ worldwide accounts in a bid to avert cross-border tax evasion.

Switzerland, whose banks have paid out billions to different international locations to settle expenses they helped foreigners disguise wealth, has aggressively prosecuted whistle-blowers who leak banking data.

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More: SWI swissinfo.ch licensed by the Journalism Trust Initiative

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