Bank Reyl is once again fined for money laundering and tax evasion in France.

Money laundering and tax evasion have been a concern for the Geneva-based private bank Reyl private bank for years, and it has once again been fined in France for money laundering and tax evasion, the «AFP» news service reported. 

The bank belonging to the Italian banking group Intesa Sanpaolo was fined a total of 5.75 million euros over its duration. In addition, partner and general manager François Reyl was also convicted in the case involving practices at the bank from 2009 to 2013 and fined half a million euros.

Ex-French Finance Minister

It all started with the case of former French Finance Minister Jérôme Cahuzac who concealed accounts and assets at Bank Reyl, allowing him to evade French taxes.

In 2016, the private bank pleaded guilty to money laundering and aiding and abetting tax evasion and was fined 2.8 million euros. In the Cahuzac case, the fine was 1.88 million euros and François Reyl was sentenced to one year's suspended imprisonment and a fine of 375,000 euros.

The case, now been concluded, involved further unreported bank accounts.

Final Resolution of the Case

The bank said it was pleased to close the last chapter of the legacy case dating back fourteen years. Despite three different proceedings, the case involves a total of eight customers who transferred assets of less than 14 million euros to a financial institution in Singapore in 2009.

Reyl points out that the principle of full «confusion des peines» (CPRC) applies to all sanctions and fines, allowing for the final consolidation of proceedings that are based on similar facts. It is why the balances owed by the bank and its CEO amount to 1.2 million euros, according to the statement.