Paris Banks Targeted in Massive Tax Fraud Probe

French authorities have conducted raids on four French banks and one international bank in and around Paris on suspicion of money laundering and fiscal fraud, linked to "cum cum" practices that allow wealthy clients to skip out on tax liabilities for dividends. The banks being investigated are Societe Generale, BNP Paribas, Exane, Natixis, and HSBC. The investigations are linked to PNF investigations opened in December 2021 and may have cost governments more than €100 billion ($108 billion).