French Banks connected with money-laundering

On July 21, 2006, it was announced that senior managers from 3 major French banks – Barclays-France, Société Générale, Société Marseillaise de Crédit and the National Bank of Pakistan – were referred to trial as charged in connection with a multi-billion-EUR money-laundering scheme between France and Israel.

This case is related to money laundering by means of cheques between France and Israel. Money laundering was discovered in an investigation of alleged fraud where companies in Paris were involved.

All in all, about 138 individuals are charged in the case. One of the suspected money-launderers on the list is a French former public prosecutor Jean-Louis Voirain. In 2003, he was jailed but after a while he had his sentence revoked.

198 people have been indicted in the investigation, 32 of them were bank managers and directors, on such as money-laundering and corruption.

Earlier last month, money-laundering charges against 4 other banks – American Express Bank France, Leumi-France, BRED and the Lebanese bank Saradar – were dismissed.

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