Prosecutors said to recommend UBS face tax trial

French prosecutors are recommending that UBS and its French unit face a criminal trial over allegations it helped clients evade taxes following a probe that caused the bank to post a $1.2bn bail to cover a potential penalty, according to a person familiar with the matter.

Bloomberg News reports that investigative judges will have the final say in the matter after France’s financial prosecutor Monday issued final recommendations in the case, said the person who asked not to be identified as the probe is confidential. Prosecutors accused the bank of laundering of proceeds of tax fraud and conspiring to illicitly solicit clients on French territory, the person said.

French prosecutors recommended that several people including Raoul Weil, who once ran UBS’s global wealth-management business out of Switzerland, answer charges in court, the person said. UBS representatives didn’t immediately respond to requests for comment. Agence France-Presse reported on the prosecutors’ recommendations earlier on Monday.

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French Prosecutors Said to Recommend UBS Face Trial in Tax Case

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