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Paris Court Convicts Pakistani and French Banks in High-Profile Laundering Case: AP
By Matt Squire
printA Paris court convicted the National Bank of Pakistan and French Bank Societe Marseillaise de Credit on Thursday of failing to detect an 82 million euro money laundering scheme, according to the Associated Press. French prosecutors accused the banks in February of allowing fraudulent transactions that moved the funds from France to Israel. Between 1996 and 2001, the criminal organization used Paris-based shell companies to cash stolen and fraudulent checks and laundered the funds through the banks, prosecutors said, according to the news service. On Thursday, the court fined the National Bank of Pakistan 200,000 euros and the French institution,...
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