(Finance) – The French authorities have raided the offices of some large banks For suspected money laundering and tax fraud, according to reports from the national financial prosecution (PNF). The companies, according to the French press, are General Society, BNP ParibasExane (Bnp Paribas group), Natixis e HSBC extension.
PNF communicated the investigations are related to the so-called “cum-cum” practicesthrough which wealthy clients seek to evade tax on dividends thanks to complex legal structures. “The ongoing operations, which have required several months of preparation, are being conducted by 16 investigating judges and over 150 investigative agents,” reads a statement.
According to reports from Bloomberg, citing the prosecutor’s office, the banks are at risk collective fines of over 1 billion euros.