PARIS, Dec 5 (Reuters) - Spanish bank Santander has agreed to settle a tax fraud case opened in France in 2011 on with a payment of 22.5 million euros ($26.18 million), the Paris prosecutor said on
Santander Resolves Tax Fraud Case in France with $26 Million Settlement
PARIS, Dec 5 (Reuters) - Spanish bank Santander has agreed to settle a tax fraud case opened in France in 2011 on with a payment of 22.5 million euros ($26.18 million), the Paris prosecutor said on Friday in a statement.
The settlement ends an investigation opened in 2011 after Santander flagged potential wrongdoings at its branch in Paris, the prosecutor Laure Beccuau said in the statement, which confirmed an earlier report by BFM TV station.
A judicial case started two years later over potential tax fraud, embezzlement and other offenses between 2003 and 2010, she added.
A Santander spokesperson said the bank had identified the issues 15 years ago and reported them back then.
The bank had provisioned for the settlement so it will not have an impact on its bottom line, he said.
"Santander remains committed to complying with the highest anti-money-laundering industry standards and regulations," he said.
($1 = 0.8595 euros)
(Reporting by Louise Breusch Rasmussen, editing by Inti Landauro)
