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The headquarters of the main French banks and HSBC in Paris were inspected. Investigations of money laundering crimes and aggravated tax evasion

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This morning, the offices of some of the most important French banks in Paris were searched (Societe Generale, BNP Paribas and its affiliates Exan and Natixis) In addition to the British banking giant HSBC extension. Operations are linked to an investigation that began in 2021 before National financier parquet (The Public Prosecution Office specialized in financial crimes) on suspicion of Aggravated money laundering and tax evasion. Specifically, this practice is called “CumCum” and involves carrying out complex operations in the markets, with the aim of evading the tax on dividends received by the shareholders of the company. Listed companies. Basically, at the point where the dividend is paid, the shares are temporarily transferred to a person who resides in a jurisdiction where those dividends are not taxed. After that the shares are returned to the original owner The money saved is divided between the two parties involved in the process.

“Financial theft” exploits some weaknesses in the rules relating to the issue. Searches conducted on the premises of these five financial institutions began at 9:30 am and are still ongoing. Participate in searches 160 investigators The Financial Judicial Investigation Service (SEJF) coordinated by 16 French judges e 6 German judges to the Cologne Public Prosecutor’s Office, in the context of mutual legal assistance between France and Germany. If the claims are confirmed, they may be triggered Fines exceeding one billion euros. Bnp shares sell 1.5% in the stock market while Societe General to retreat 2.5%.

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