(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 RBC’s 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.

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