The 'money laundering left and right' at a Monaco subsidiary of Crédit Mutuel-CIC

By Geoffrey Livolsi, Dan Israel et Fabrice Arfi

Mediapart has obtained documents and witness accounts that provide evidence of money laundering by the Banque Pasche de Monaco while it was a subsidiary of French banking giant Crédit Mutuel-CIC. Among the affluent clients of the small bank, based in the Principality of Monaco, is Ricardo Teixeira, a former member of the executive committee of the international football governing body FIFA and who headed Brazil’s World Cup organization committee, implicated in a series of fraud and corruption cases and who deposited more than 30 million euros on his account. A judicial investigation is now underway into the bank’s dubious practices, which were revealed to the Crédit Mutuel-CIC group’s senior management by three whistleblowing staff - who were subsequently sacked, just months before the Monaco bank was sold off last November. Geoffrey Livolsi, Dan Israel and Fabrice Arfi report.

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After gaining access to documents and witness accounts, Mediapart can reveal how funds from a Monaco-based private ‘asset management’ bank, Banque Pasche de Monaco, were ploughed into tax havens, such as Panama and the Bahamas, amid an organised system of money laundering. The investigation raises questions over the reigning laisser-faire attitude of both the bank’s management, despite being alerted by staff of the dubious transactions, and also on the part of the giant French banking group Crédit Mutuel-CIC, owner of the bank until last November.