of several major banks, including HSBC, Societe Generale, BNP Paribas, Natixis, and Exane. The PNF prosecution office noted that the raids were based on suspicion of money laundering and fiscal fraud.
“The ongoing operations, which have required several months of preparation, are being carried out by 16 investigating judges and over 150 investigative agents,” the PNF said in a statement. The raids are tied to an alleged dividend arbitrage scheme known as “cum-cum” or “cum-ex” practices. The practice involves splitting dividends temporarily in order to avoid dividend taxes.
Reportedly, the practice is leveraged by the banks’ wealthy clients to avoid taxation on dividend accounts. The PNF also disclosed that six German prosecutors were involved in the case. The PNF and collaborating prosecutors believe that the alleged fraud has cost governments $108 billion. According to a
When France DOESN'T surrender, it's serious. sacrebleu
What does he want?
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It’s falling apart
Hmm, Bitcoin related?