Paris – 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.

The bank’s employees allegedly approached French clients, from wealthy businessmen to sports stars, during receptions, golf tournaments or concerts to convince them to hide their money in Switzerland.

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.

© AFP FABRICE COFFRINI The logo of Swiss banking giant UBS

© AFP FABRICE COFFRINI – The logo of Swiss banking giant UBS