Now they are raiding five major banks in France on charges of tax fraud

The French authorities raided five big banks being investigated on suspicion of tax fraud and money laundering, the prosecutor’s office said.

The search operation in Paris and the financial district of La Defense mobilized about 150 inspectorsthe National Finance Prosecutor’s Office (PNF) indicated in a statement.

The prosecutor for financial crimes explained that the raids occurred after they opened in December 2021 five investigations on suspicion of money laundering and tax fraud in connection with the payment of dividends.

The operation “required several months of preparation”, adds the statement, specifying that 16 magistrates and over 150 inspectors have been mobilised.

also participated german prosecutors, since in this country there have been similar cases in recent years.

A spokesman for General Society He confirmed to AFP that the French bank was being raided, but said he didn’t know why.

The headquarters of BNP Paribas, its unit Exane, the financial group Natixis and the British giant HSBC were also searched, according to reports by the newspaper Le Monde.

CumEX file

A 2018 journalistic investigationcalled “CumEx File”, conducted by the European media, revealed several cases of tax fraud.

The title “CumEx Files” refers to the stock exchange listing with (“cum” in Latin) and without (“ex”) the dividends.

According to a 2021 research review the fraud amounted to approximately 140,000 million euros ($151,000 million) over a 20-year period.

“The fraud consists in the temporary transfer, by a foreign shareholder of a company listed in France, to a French bank, close to the date of payment of the dividend, of the shares owned by him,” explained the indictment.

The goal is “Tax evasion applicable to the payment of this dividend”, specify the authorities.

AFP extension