Overview

• The Ministry of the Economy declined to comment on the report that thirteen banks are targeted by tax procedures.
• Five institutions are also under Parquet National Financier investigation for aggravated tax fraud and aggravated money laundering following 2023 raids on BNP Paribas, Exane, Société Générale, Natixis and HSBC.
• Crédit Agricole Cacib agreed in early September to pay €88.24 million to end proceedings, marking the first settlement in the French strand of the case.
• CumCum schemes involve foreign shareholders temporarily transferring shares to a French intermediary around dividend dates to avoid withholding tax due from non‑residents.
• The French Banking Federation rejects any notion of systemic fraud linked to these operations and says it trusts the judicial process.