FRENCH AUTHORITIES SEARCH OFFICES OF SEVERAL LARGE BANKS ON SUSPICION OF MONEY LAUNDERING AND FISCAL FRAUD

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

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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