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. Five UBS top managers are also facing trial, including Raoul Weil, the former third-in-command at UBS. 'Aggravated Laundering'In June last year, French prosecutors recommended that UBS face trial for "aggravated laundering of tax fraud proceeds" while its French branch be judged for complicity in these crimes. Not all these clients are suspected of tax fraud, the source said.

Source: Egypt Independent March 20, 2017 11:26 UTC