US EditionCredit Agricole Settles Dividend Tax-Evasion Probe with €88 Million Deal
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18 Articles
Miguel Sousa Ferro says that European law prohibits prescribing anti-organisation proceedings after the start of the investigation.
Credit Agricole Settles Dividend Tax-Evasion Probe with €88 Million Deal
Credit Agricole’s investment banking division will pay €88.2 million to settle a criminal probe into dividend-arbitrage trades suspected of circumventing French taxes. The cum-cum trades allowed foreign investors to avoid dividend taxes. The bank did not admit guilt but acknowledged the practices. The settlement resolves tax claims without a criminal conviction.
The bank has agreed to pay a fine of some 88 million euros to get the abandonment of an investigation in the tax fraud case known as "CumCum"
The agreement deals with acts of money laundering aggravated by aggravated tax fraud. The National Financial Prosecutor's Office has launched investigations into six other banks suspected of using the practice.
The practice is to avoid taxation on dividends to be paid by foreign holders of shares.
The agreement validated on Monday between the bank and the National Financial Prosecutor's Office puts pressure on the other banks subject to judicial investigations.
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