{"id":1399,"date":"2023-03-29T08:28:15","date_gmt":"2023-03-29T02:58:15","guid":{"rendered":"https:\/\/news.cetoex.com\/?p=1399"},"modified":"2023-03-29T08:28:16","modified_gmt":"2023-03-29T02:58:16","slug":"french-authorities-raid-5-major-banks-in-e100-billion-fraud-investigation","status":"publish","type":"post","link":"https:\/\/news.cetoex.com\/french-authorities-raid-5-major-banks-in-e100-billion-fraud-investigation\/","title":{"rendered":"French Authorities Raid 5 Major Banks in \u20ac100 Billion Fraud Investigation"},"content":{"rendered":"\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/watcher.guru\/news\/wp-content\/uploads\/2023\/03\/HSBC-800x534.jpeg\" alt=\"\"\/><figcaption class=\"wp-element-caption\">credit &#8211;  PYMNTS<\/figcaption><\/figure>\n\n\n\n<p class=\"has-medium-font-size\"><strong>Cetoex News &#8211;<\/strong>  French authorities have reportedly raided five major banks in a \u20ac100 billion fraud investigation, according to a report from\u00a0Deutsche Welle\u00a0(DW) on Tuesday. Moreover, the probe was connected to a potential money laundering case involving both the French and German governments.<\/p>\n\n\n\n<p class=\"has-medium-font-size\">The searches have taken place within Paris and surrounding areas. Specifically, targeting four French banks, and one international one, according to a spokesperson for France\u2019s Financial Prosecutors Office (PNF). Subsequently, the investigative efforts are said to be ongoing.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-five-banks-targeted-in-french-investigation\">Five Banks Targeted in French Investigation<\/h2>\n\n\n\n<p class=\"has-medium-font-size\">According to a report made Tuesday, French authorities have raided five major banks in a \u20ac100 billion fraud investigation. Additionally, the French and German governments are working to probe a potential money laundering case involving several financial institutions.<\/p>\n\n\n\n<p class=\"has-medium-font-size\">The banks under investigation are: Societe Generale, BNP Paribas, Exane, Natixis, and\u00a0HSBC. Specifically, they are being probed over the \u201clegally dubious \u2018cum cum\u2019 practices,\u201d according to DW. Moreover, those practices entail banks creating complex legal frameworks to aid wealthy consumers in avoiding certain tax liabilities for dividends.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/watcher.guru\/news\/wp-content\/uploads\/2023\/03\/bnp-paribas-1024x670.jpeg\" alt=\"\" class=\"wp-image-81918\"\/><figcaption class=\"wp-element-caption\">Source: BNP Paribas<\/figcaption><\/figure>\n\n\n\n<p class=\"has-medium-font-size\">Ultimately, the purposes of the investigation are connected to questionable tax practices by these banks. The authorities have stated the institutions are \u201csuspected of aggravated tax fraud laundering.\u201d Alternatively, BNP and Exane are \u201csuspected of aggravated tax fraud.\u201d<\/p>\n\n\n\n<p class=\"has-medium-font-size\">Additionally, DW reported that the raids that took place Tuesday are in connection with PNF investigations that were opened in December of 2021.<strong>\u00a0\u201cThe ongoing operations, which have required several months of preparation, are being carried out by 16 investigating judges and over 150 investigation agents,\u201d<\/strong>\u00a0the PNF stated in a subsequent statement according to DW.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p class=\"has-medium-font-size\"><strong>NEWS BY &#8211;  CETOEX NEWS<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Cetoex News &#8211; French authorities have reportedly raided five major banks in a \u20ac100 billion fraud investigation, according to a report from\u00a0Deutsche Welle\u00a0(DW) on Tuesday. Moreover, the probe was connected&hellip; <\/p>\n","protected":false},"author":1,"featured_media":1400,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rank_math_lock_modified_date":false,"footnotes":""},"categories":[20],"tags":[614,41,44,613,615],"class_list":["post-1399","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-top-news","tag-banks-in-e100-billion-fraud","tag-cetoex","tag-cetoex-news","tag-french-authorities","tag-raid-5-major-banks"],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/news.cetoex.com\/wp-content\/uploads\/2023\/03\/HSBC-800x534-1.webp","_links":{"self":[{"href":"https:\/\/news.cetoex.com\/wp-json\/wp\/v2\/posts\/1399"}],"collection":[{"href":"https:\/\/news.cetoex.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/news.cetoex.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/news.cetoex.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/news.cetoex.com\/wp-json\/wp\/v2\/comments?post=1399"}],"version-history":[{"count":1,"href":"https:\/\/news.cetoex.com\/wp-json\/wp\/v2\/posts\/1399\/revisions"}],"predecessor-version":[{"id":1401,"href":"https:\/\/news.cetoex.com\/wp-json\/wp\/v2\/posts\/1399\/revisions\/1401"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/news.cetoex.com\/wp-json\/wp\/v2\/media\/1400"}],"wp:attachment":[{"href":"https:\/\/news.cetoex.com\/wp-json\/wp\/v2\/media?parent=1399"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/news.cetoex.com\/wp-json\/wp\/v2\/categories?post=1399"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/news.cetoex.com\/wp-json\/wp\/v2\/tags?post=1399"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}