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French and American authorities have launched an investigation into a Cypriot brokerage firm, TCR International Limited, in conjunction with a branch of BNP Paribas, following suspicions of "aggravated money laundering." The transactions in question, exceeding €220 million, occurred between 2019 and 2021, as reported by French daily Le Monde. The Paris Prosecutor's Office confirmed the investigation, initiated after an alert from France's anti-money laundering unit, TRACFIN.
While the prosecutor's statement did not explicitly reference BNP Paribas, it outlined that the transfers were of "possibly dubious origin and/or flows with no explicit economic logic." BNP Paribas, when approached for comment, declined to provide specifics on the ongoing investigation but stressed its commitment to global compliance standards and regulatory obligations.
TCR International Limited, the Cypriot brokerage firm under investigation, had collaborated with BNP Paribas Security Services between 2019 and 2022, according to Le Monde. The French authorities' interest in TCR International Limited reportedly stems from a separate U.S. investigation involving Yevgeny Prigozhin, the former Wagner mercenary chief who died in a plane crash in August. The prosecutor's office has not publicly commented on any potential link between Prigozhin and the transfers made by TCR International Limited.
Aggravated money laundering is considered a serious offense in France, with potential penalties of up to 10 years in prison and substantial fines, reaching €750,000 or half the value of the assets laundered. The investigation underscores the increasing scrutiny on financial institutions and their collaborations amid efforts to combat illicit financial activities globally.
[Source: Euronews and Reuters]
