Posted on 03/28/2023 4:38:56 AM PDT by Oldeconomybuyer
French authorities on Tuesday conducted raids in and around Paris in what they say is a possible tax fraud case that may have cost governments more than €100 billion ($108 billion).
A spokesperson for France's Financial Prosecutor's Office (PNF) said the raids, which began at 9:30 a.m. and were still ongoing at midday, targeted four French and one international bank on suspicion of money laundering and fiscal fraud.
The banks being investigated are: Societe Generale , BNP Paribas, Exane, Natixis and HSBC.
PNF representatives said the investigations are linked to legally dubious "cum cum" practices in which banks create overly complex legal structures as a way to allow wealthy clients to skip out on tax obligations for dividends.
Tuesday's raids are linked to PNF investigations opened in December 2021.
"The ongoing operations, which have required several months of preparation, are being carried out by 16 investigating judges and over 150 investigation agents," according to a PNF statement issued Tuesday.
Some six prosecutor's from the western German city of Cologne also took part in the raids.
(Excerpt) Read more at dw.com ...
Bad things happen when the Feds don’t get their cut.
Sounds like something StateStreet would do, they were messing with pension funds a while back.
It seems to me that the French are trying to cause a run on their banks.
Macron is desperate to turn attention away from his action to increase the age for receiving their Social Security. While I have no doubt that this kind of corruption exists, the authorities are usually blind to it until it becomes inconvenient to be blind. Otherwise, why do this in the midst of what’s beginning to look like a replay of the 2008 banking crisis? Methinks that Macron doesn’t care about anyone or anything other than his power.
Gotta get more money to launder in Ukraine.
HSBC just bought all SVB assets in the UK for ONE BRITISH POUND==$1.21
"Board Member: That makes you a penny short Wilkins. Where is it?"
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