French banks off the hook

A PARIS appeals court yesterday overruled criminal indictments against eight banks and 130 people accused of involvement in a money-laundering scheme operating between France and Israel.

The indictments against the individuals and banks were overturned on procedural irregularities.

The case involves the alleged processing of €78 million in illegal gains since 1996 and was being closely watched as a potentially important test of banks’ accountability for money-laundering offences committed by staff. A new judge will now be appointed and fresh indictments could be filed against any or all of the defendants, including the banks.