French Banks Raided in €100 Billion Tax Fraud Probe.
French prosecutors have searched the Paris offices of five banks, including Societe Generale, BNP Paribas and HSBC, over suspicion of fiscal fraud related to "cum-ex" dividend stripping. The practice aims to blur stock ownership and allow multiple parties to illegally claim tax rebates on dividends. The banks face an overall compensation request of more than $1bn, including fines and late interest payments. The searches come as global banks are in turmoil following the collapse of Silicon Valley Bank and Signature Bank, and the takeover of Credit Suisse by rival UBS.
