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French Police Search 5 Large Banks on Charges of Tax Fraud and Money Laundering

Five significant Paris-area banks, including Societe Generale, BNP Paribas, HSBC, Natixis, and BNP’s Exane Bank, were raided on Tuesday by French authorities on suspicion of money laundering and tax evasion. Four French banks and one foreign bank are the subjects of a preliminary investigation that started at the end of 2021, according to a PNF official.

The Investigation’s Focus Is on the Cum-Ex Scheme, and Societe Generale Admits It Was Involved in the Raids

The offices of many large banks, including HSBC, Societe Generale, BNP Paribas, Natixis, and Exane, were raided by French enforcement officials on Tuesday amid the global and American banking crisis. The PNF prosecution office underlined that the raids were conducted under the theory of financial fraud and money laundering.

The PNF released a statement stating that “the current activities, which have needed several months of preparation, are being carried out by 16 investigating judges and over 150 investigation agents.” The raids are related to alleged “cum-cum” or “cum-ex” dividend arbitrage schemes. Dividends are temporarily split in this method to avoid paying dividend taxes.

Rich bank customers are allegedly using this tactic to avoid paying taxes on their dividend accounts. Six German prosecutors were involved in the case, according to the PNF. Governments allegedly lost $108 billion as a result of the alleged scam, according to the PNF and cooperating prosecutors. Societe Generale was the only financial organization to confirm the office raids, according to a CNBC report. The bank is “part of the probe,” according to a Societe Generale representative, who talked to The Telegraph.

Tags for this article

Financial Prosecutor, Exane Bank, financial institution, fiscal fraud, fiscal fraud charges, fraud, French Authorities, German Prosecutors, Governments, HSBC, international, Investigating Judges, Investigation, major banks, Cum-Ex Scheme, Dividend Accounts, Dividend Arbitrage Wealthy clientele, Natixis, Office Raids, Paris, France, PNF, Prosecutor’s Raid, Societe Generale, Suspicion, Tax Evasion, Taxes

What do you think about the allegedly $108 billion scam committed by five big banks? Post your opinions about this topic in the space provided below.

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