How the French budget minister secreted his personal funds across the globe

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Disgraced French budget minister Jérôme Cahuzac in April finally admitted holding a secret, tax-evading bank account abroad, the existence of which was first revealed by Mediapart in December 2012. Now Mediapart can lift some of the mystery that surrounded the complex web of structures which allowed Cahuzac to move his hidden funds across the globe, from Switzerland to Singapore via the Seychelles, allegedly with the help of a Dubai-based former board member of the Swiss bank Reyl & Co. Mathilde Mathieu, Fabrice Arfi and Dan Israel report.

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Mediapart has learnt from several sources in the world of finance that former French budget minister Jérôme Cahuzac’s assets secretly placed in an account with a subsidiary of the Swiss bank Julius Baer in Singapore were not held in his own name but in that of a Seychelles-registered company.