FinCEN Files: Investigation into Dirty Money Transfers from Major Global Banks

At least $ 2 trillion in suspicious transactions were carried out between 2000 and 2017 by several major global banks. This is what an investigation by the International Consortium of Investigative Journalists, made up of 400 journalists from the media in 88 countries, including the investigation units of Radio France and the newspaper Le Monde, reveals.
For their investigation, ICIJ journalists were able to obtain "suspicious activity reports". These are top-secret documents that US bank internal compliance officials send to US financial intelligence agencies when they detect questionable money transfers.

According to these documents, 2,000 billion dollars in suspicious transactions may have been carried out. It is dirty money linked to drugs, corruption, organized crime and terrorism.

Large banks are singled out like JP Morgan, Deutsche Bank, Bank of New York Mellon or HSBC. They ensure, however, that they make significant efforts to combat financial crime an…

Withholding tax continues to worry in France

Edouard Philippe said he was attentive to the ambient concern relating to the withholding tax. However, it should indeed take place in January. Except for companies with less than twenty employees. At the beginning of August, Bercy extended the mechanism of the Job Service Service Company, provided for social security contributions, to the withholding of income tax.

Withholding tax continues to worry in France

As the deadline approaches, concerns around the implementation of the withholding tax are crystallized. Companies with fewer than 20 employees can escape the administrative procedures linked to tax collection. The others continue to give voice to express their dissatisfaction because of this new administrative task which they will have to take on.

So much so that in an interview with the Journal du Dimanche on August 26, Edouard Philippe, the Prime Minister, said he was "attentive" to the surrounding anxiety. He said he wanted to "take stock of the preparation of this reform in the coming weeks".

Is this an opening for a possible postponement of the reform? No, replied GĂ©rald Darmanin, the minister of action and public accounts responsible for the file, in an interview on RMC on August 27. The meetings will indeed continue in the coming weeks, but he maintains the date of January 1, 2019 for the launch of the source deduction.

However, the government has already backtracked on some points. Especially for the smallest companies, which will not have to collect tax if they choose. During the summer, the government indeed extended the device of the Title Emploi Service Service Entreprise (Tese) to the withholding tax.



The Tese is a mechanism managed by Urssaf allowing companies with less than twenty employees who wish to do so to avoid the administrative constraints linked to social security contributions. From the declarations made online by the employer on the remuneration of employees, the Tese teams are responsible for producing the pay slips, the nominative social declaration (DSN) and the details of the social contributions. The employer returns a single check for all social security contributions. From next January, the Tese will also calculate the withholding tax for companies joining the scheme.

Announced at the beginning of August, this relaxation remains confined to a marginal part of collectors. According to the government, around 1 million small businesses may be affected. However, not all of them spontaneously call on the services of Urssaf. Currently, according to Medef, only 58,000 small businesses have decided to subscribe to the job service business title.