French Banks Raided in Massive Tax Fraud Probe.

French financial prosecutors have searched the offices of several large banks, including Societe Generale, BNP Paribas, and HSBC, over suspicions of money laundering and fiscal fraud related to dividend stripping. The probe is linked to "cum-cum" practices, through which wealthy clients sought to evade taxes on dividends through complex legal structures. Five investigations are ongoing, and the operations are being carried out by 16 investigating judges and over 150 investigation agents.