France fines JP Morgan USD 29.6 mln in tax fraud settlement

Friday 3 September 2021 08:54 CET | News

US-based bank JP Morgan has agreed to a EUR 25 million euros (USD 29.6 million) fine in a settlement of a tax fraud case, French financial prosecutors' office said, according to Reuters.

The financial prosecutors' office said in a statement a Paris court had approved on Thursday, 2 September 2021, the settlement sealed with JP Morgan. The settlement follows a probe opened in 2012.

French authorities suspected the bank of helping top Wendel executives set up a profit-sharing entity that let them avoid taxes on EUR 315 million of investment gains in 2007 and 2008, according to

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Keywords: JP Morgan, fraud detection, fraud management
Categories: Fraud & Financial Crime
Countries: France
This article is part of category

Fraud & Financial Crime

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