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French Authorities Raid 5 Major Banks Over Accusations of Money Laundering and Fiscal Fraud – Finance Bitcoin News

March 28, 2023
in Bitcoin
Reading Time: 3 mins read
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French Authorities Raid 5 Major Banks Over Accusations of Money Laundering and Fiscal Fraud

On Tuesday, French officers carried out raids on 5 main banks positioned in and round Paris, together with Societe Generale, BNP Paribas, HSBC, Natixis, and BNP’s Exane Financial institution, over alleged expenses of cash laundering and financial fraud. Based on a spokesperson for France’s Monetary Prosecutor’s Workplace (PNF), the preliminary investigation into 4 French banks and one worldwide financial institution started on the finish of 2021.

Cum-Ex Scheme on the Heart of the Investigation; Societe Generale Confirms Involvement within the Raids

Amid the banking disaster plaguing the trade in the USA and overseas, French enforcement authorities on Tuesday raided the workplaces of a number of main banks, together with HSBC, Societe Generale, BNP Paribas, Natixis, and Exane. The PNF prosecution workplace famous that the raids have been primarily based on suspicion of cash laundering and financial fraud.

“The continuing operations, which have required a number of months of preparation, are being carried out by 16 investigating judges and over 150 investigative brokers,” the PNF stated in a press release. The raids are tied to an alleged dividend arbitrage scheme generally known as “cum-cum” or “cum-ex” practices. The follow includes splitting dividends quickly as a way to keep away from dividend taxes.

Reportedly, the follow is leveraged by the banks’ rich shoppers to keep away from taxation on dividend accounts. The PNF additionally disclosed that six German prosecutors have been concerned within the case. The PNF and collaborating prosecutors imagine that the alleged fraud has value governments $108 billion. Based on a report by CNBC, Societe Generale was the one monetary establishment to substantiate the workplace raids. A spokesperson for Societe Generale advised The Telegraph that the financial institution is “a part of the investigation.”

Tags on this story

Allegations, Banking Disaster, bnp paribas, cnbc, Cum-Ex Scheme, Dividend Accounts, Dividend Arbitrage, Europe, Exane Financial institution, monetary establishment, Monetary Prosecutor, fiscal fraud, Fiscal Fraud Prices, Fraud, French Authorities, german prosecutors, Governments, HSBC, worldwide, Investigating Judges, Investigation, main banks, Cash Laundering, Natixis, Workplace Raids, Paris, Paris France, PNF, Prosecutor’s, Raid, Societe Generale, Suspicion, tax evasion, Taxation, rich shoppers

What are your ideas on the alleged $108 billion fraud by 5 main banks? Share your ideas about this topic within the feedback part beneath.

Jamie Redman

Jamie Redman is the Information Lead at Bitcoin.com Information and a monetary tech journalist dwelling in Florida. Redman has been an energetic member of the cryptocurrency neighborhood since 2011. He has a ardour for Bitcoin, open-source code, and decentralized functions. Since September 2015, Redman has written greater than 6,000 articles for Bitcoin.com Information in regards to the disruptive protocols rising right this moment.

Picture Credit: Shutterstock, Pixabay, Wiki Commons, Kiev.Victor / Shutterstock.com

Disclaimer: This text is for informational functions solely. It’s not a direct provide or solicitation of a proposal to purchase or promote, or a suggestion or endorsement of any merchandise, companies, or corporations. Bitcoin.com doesn’t present funding, tax, authorized, or accounting recommendation. Neither the corporate nor the writer is accountable, straight or not directly, for any injury or loss prompted or alleged to be attributable to or in reference to the usage of or reliance on any content material, items or companies talked about on this article.

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Tags: AccusationsauthoritiesBanksBitcoinFinanceFiscalFraudFrenchlaunderingMajormoneyNewsraid
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