French officials conducted raids on five major banks including Societe Generale, BNP Paribas, HSBC, Natixis, and BNP's Exane Bank.
of several major banks, including HSBC, Societe Generale, BNP Paribas, Natixis, and Exane. The PNF prosecution office noted that the raids were based on suspicion of money laundering and fiscal fraud.
“The ongoing operations, which have required several months of preparation, are being carried out by 16 investigating judges and over 150 investigative agents,” the PNF said in a statement. The raids are tied to an alleged dividend arbitrage scheme known as “cum-cum” or “cum-ex” practices. The practice involves splitting dividends temporarily in order to avoid dividend taxes.
Reportedly, the practice is leveraged by the banks’ wealthy clients to avoid taxation on dividend accounts. The PNF also disclosed that six German prosecutors were involved in the case. The PNF and collaborating prosecutors believe that the alleged fraud has cost governments $108 billion. According to a
Österreich Neuesten Nachrichten, Österreich Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
French prosecutors raid banks over dividend tax evasion allegationsHSBC Holdings, Natixis, Societe Generale, BNP Paribas and BNP's Exane arm were raided.
Weiterlesen »
Türkiye summons French envoy over French Senate's hosting of terroristsTürkiye summons French ambassador in Ankara Herve Magro to strongly condemn hosting of YPG/PKK terrorists in the French Senate and 'awarding them with medal of honour'
Weiterlesen »
French prosecutors search bank offices over dividend strippingFrench authorities on Tuesday searched the Paris offices of several large banks, including Societe Generale , BNP Paribas BNPP.PA and HSBC on suspicion of fiscal fraud, part of a widening European probe into dodging tax payments on dividends.
Weiterlesen »
French prosecutors search banks over alleged dividend strippingFrench authorities on Tuesday searched the Paris offices of five banks, including Societe Generale , BNP Paribas and HSBC , on suspicion of fiscal fraud, part of a broad European probe into the dodging of dividend tax payments.
Weiterlesen »
French diners sip wine as fires break out in protest against MacronA viral video shows a group of French diners at the Place de la Victoire, in Bordeaux, enjoying wine just a few feet away from a burning fire in the middle of the road amid protests against Preside…
Weiterlesen »
French PM offers to meet opposition, unions amid pension crisisFrench Prime Minister Elisabeth Borne plans to meet with opposition leaders and trade unions in the hope of ending weeks of protests against a new pension law, her office said on Sunday.
Weiterlesen »