Wealthy bank customers tried to avoid dividend taxes through complex legal structures.
In France, on Tuesday, March 28, searches were conducted at the offices of several major banks, including Societe Generale, BNP Paribas and HSBC. Banks are suspected of money laundering and tax fraud. This was reported by Reuters.
It was noted that a representative of the financial prosecutor’s office of the PNF confirmed the reports of the newspaper Le Monde, which said that the investigation was related to the payment of dividends, and that Exane and Natixis were also affected.
There are currently five investigations related to the so-called “pooling” practice, where wealthy clients try to avoid dividend taxes through complex legal structures.
The ongoing operations, which took several months to prepare, are reportedly being conducted by 16 investigating judges and more than 150 investigators.
Recall that in early March, two banks went bankrupt in the United States – Silicon Valley Bank and Signature Bank. And in Europe, due to financial problems, the Swiss bank Credit Suisse teamed up with competitor UBS.
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I am David Wyatt, a professional writer and journalist for Buna Times. I specialize in the world section of news coverage, where I bring to light stories and issues that affect us globally. As a graduate of Journalism, I have always had the passion to spread knowledge through writing.