GFI Advisory Board Member Denounces BNP Paribas’ Tax Haven Subsidiaries

August 21st, 2009

Eva Joly, the recently elected EU deputy and former anti-corruption prosecutor, denounced French Bank BNP’s offshore financial activities which have enabled African leaders to amass unreported oil-money in tax havens.  In a Le Monde article published today Joly said, “We would like to know how much BNP earned from its two subsidiaries in Cyprus, 27 subsidiaries in Luxembourg and 21 subsidiaries in the Cayman Islands.” BNP Paribas, one of the largest European banks, has 189 subsidiaries located in tax havens, more than any other French firm.

Joly’s statements follow a law passed by the French Parliament in June which makes it compulsory for French banks to publish information regarding their operations and financial activities in tax havens that do not cooperate with international standards of information exchange.  Next month a list of the non- cooperative countries will be published in France.  This list is expected to include approximately 30 countries.

Written by David Chalude

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