In a large-scale operation on Tuesday, representatives of the French prosecutor’s office searched the offices of five major banks in France. These are Societe Generale, BNP Paribas, HSBC, as well as the investment banks Exane and Natixis.
The financial institutions are suspected of money laundering and financial fraud, a spokesman for the prosecutor’s office said, quoted by Reuters.
Societe Generale confirmed the raids, while representatives of the other two banks were not available for comment.
The spokesperson of the prosecutor’s office confirmed the earlier information of the “Mond” municipality, according to which the inspections are related to the so-called vicious practice of “dividend removal”.
Prosecutors said five investigations were underway into so-called “kum-kum” practices, enabling wealthy clients to avoid paying taxes on dividends through complex legal balancing acts.
15 investigative judges and 150 agents are involved in the large-scale operation.
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