On 28 March, France 24 reported that authorities had searched offices of several large banks, including Societe Generale, BNP Paribas and HSBC on the suspicion of money laundering and fiscal fraud. A spokesperson said the probe was linked to dividend stripping and that were ongoing linked to so-called “cum-cum” practices, through which wealthy clients sought to evade taxes on dividends through complex legal structures.
https://www.france24.com/en/europe/20230328-french-financial-prosecutors-search-bank-offices-over-dividend-stripping
https://www.buymeacoffee.com/KoIvM842y
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Author: raytodd2017
Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section
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