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Post by sevenofnine on Mar 28, 2023 13:09:57 GMT -5
Busted itttt!! French and German prosecutors and investigators conducted searches in and around the French capital. Financial prosecutors say the raid focused on dividend stripping. 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 banks 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. Why did the raids take place? 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 liabilities for dividends. Authorities say Societe Generale, BN www.dw.com/en/paris-banks-raided-in-100-billion-tax-fraud-probe/a-65151312
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