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French Banks Deny Wrongdoing in Laundering Case as Trial Gets Under Way
By Brian Monroe
printThe high-profile trial of embattled banking giant Societe Generale and three other banks for alleged money laundering failures began in Paris this week, sending a warning to financial institutions and their executives that the French government will deal harshly with anti-money laundering oversights. Societe Generale, Societe Marseillaise de Credit, Barclays France and the National Bank of Pakistan are among more than 140 institutions and individuals charged with money laundering for allegedly failing to spot a criminal network that moved more than 82 million euros ($121 million) from France to Israel in the late 1990s. Top executives, including SocGen CEO Daniel...
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