2 years ago
On Tuesday, French officials conducted raids connected 5 large banks located successful and astir Paris, including Societe Generale, BNP Paribas, HSBC, Natixis, and BNP’s Exane Bank, implicit alleged charges of wealth laundering and fiscal fraud. According to a spokesperson for France’s Financial Prosecutor’s Office (PNF), the preliminary probe into 4 French banks and 1 planetary slope began astatine the extremity of 2021.
Cum-Ex Scheme astatine the Center of the Investigation; Societe Generale Confirms Involvement successful the Raids
Amid the banking crisis plaguing the manufacture successful the United States and abroad, French enforcement authorities connected Tuesday raided the offices of respective large banks, including HSBC, Societe Generale, BNP Paribas, Natixis, and Exane. The PNF prosecution bureau noted that the raids were based connected suspicion of wealth laundering and fiscal fraud.
“The ongoing operations, which person required respective months of preparation, are being carried retired by 16 investigating judges and implicit 150 investigative agents,” the PNF said successful a statement. The raids are tied to an alleged dividend arbitrage strategy known arsenic “cum-cum” oregon “cum-ex” practices. The signifier involves splitting dividends temporarily successful bid to debar dividend taxes.
Reportedly, the signifier is leveraged by the banks’ affluent clients to debar taxation connected dividend accounts. The PNF besides disclosed that six German prosecutors were progressive successful the case. The PNF and collaborating prosecutors judge that the alleged fraud has outgo governments $108 billion. According to a report by CNBC, Societe Generale was the lone fiscal instauration to corroborate the bureau raids. A spokesperson for Societe Generale told The Telegraph that the slope is “part of the investigation.”
Tags successful this story
Allegations, Banking Crisis, bnp paribas, cnbc, Cum-Ex Scheme, Dividend Accounts, Dividend Arbitrage, Europe, Exane Bank, financial institution, Financial Prosecutor, fiscal fraud, Fiscal Fraud Charges, Fraud, French Authorities, german prosecutors, Governments, HSBC, international, Investigating Judges, Investigation, major banks, Money Laundering, Natixis, Office Raids, Paris, Paris France, PNF, Prosecutor's, Raid, Societe Generale, Suspicion, tax evasion, Taxation, wealthy clients
What are your thoughts connected the alleged $108 cardinal fraud by 5 large banks? Share your thoughts astir this taxable successful the comments conception below.
Jamie Redman
Jamie Redman is the News Lead astatine Bitcoin.com News and a fiscal tech writer surviving successful Florida. Redman has been an progressive subordinate of the cryptocurrency assemblage since 2011. He has a passionateness for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written much than 6,000 articles for Bitcoin.com News astir the disruptive protocols emerging today.
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