Friday, 8 February 2008

Societe Generale, the French banking giant hit by a $7.3 billion trading scandal, has alerted the French authorities to a case of suspected money-laundering through the bank involving two Russian businessmen, a French newspaper said Tuesday.
The bank passed the French Finance Ministry its findings from an internal investigation last week, after it noticed suspicious transactions involving several accounts, which were being used to channel hundreds of millions of euros into real estate projects in and around Paris, Le Parisien reported.
SocGen’s investigators found about 800 accounts held with the bank that were registered to front men or companies acting on behalf of two brothers, the paper said.
The French authorities are currently reviewing the evidence, and will investigate whether the bank had adequate anti-fraud controls in place, the paper said.
A spokeswoman for the French Finance Ministry confirmed Tuesday that an investigation was ongoing, but refused to provide further details, citing the confidentiality of the case.



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