Latvian bank fined heavily over laundering scheme in France
July 6, 2017
A Paris court fined a Latvian bank Thursday for laundering hundreds of millions of euros through a vast scheme allowing French taxpayers to avoid paying their dues.The court fined Rietumu Banka 80 million euros ($91 million) for facilitating a scam to “democratize” tax evasion among ordinary taxpayers and small businesses in France. It also barred the bank from operating in France for five years. Investigators suspect Rietumu of helping to launder up to 850 million euros ($964 million) from 2007 to 2012 with the complicity of a French financier, Nadav Bensoussan, and his company, France Offshore.