“Record-Breaking Tax Fraud Crackdown in France: 5 Banks Subjected to House Searches in Largest-Ever Operation”

No less than 150 investigators, 16 French and 6 German magistrates: the investigation that the French financial prosecutor’s office (PNF) has started into dividend fraud at 5 French banks is of an unprecedented magnitude. The research focuses in particular on Société Générale, BNP Paribas, Exane (a subsidiary of BNP), Natixis and HSBC. They would have used “CumCum”, a trick to evade dividend tax that has cost governments billions of euros in damage.