(Bloomberg) -- Royal Bank of Canada said French prosecutors are recommending a Bahamas wealth management unit be punished in a probe of tax fraud and money laundering.
A French prosecutor recommended RBCs Bahamas wealth unit face criminal charges for complicity in tax fraud and aggravated money laundering tied to a trust overseen by the Bahamas office, the Toronto-based lender disclosed Wednesday in a regulatory filing. The investigating judge notified RBC of the matter in January, according to the filing.
We are aware that a French prosecutor has recommended that a judge bring charges in France against RBC Trust Company (Bahamas) Limited, and other third parties, which we strongly contest, Claire Holland, a bank spokeswoman, said in an emailed statement. We are awaiting the judges decision and it is important to note that we have not been charged in this matter.
Holland said it was a client matter relating to a trust for which RBC Trust Company in the Bahamas serves as trustee.
RBC Bahamas made a submission to the investigating judge giving reasons why it shouldnt be charged, according to the filing.
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