Swiss bank UBS to be tried in France over tax fraud: legal sources

AFP


Swiss banking giant UBS will go on trial in France for establishing a wide-ranging tax fraud scheme, legal sources told AFP on Monday.

UBS will be charged with illegal banking practices and dissimulating tax fraud, the sources said, adding UBS's French subsidiary will also go on trial for complicity.

France opened a probe into UBS after former employees blew the whistle over the bank's alleged system of setting up dual accounts to hide the movement of capital into Switzerland between 2004 and 2012.