Money laundering stink hits Credit Agricole shares

Business | 6 Mar 2019 7:25 pm

Shares in French bank Credit Agricole fell by more than 2 percent today. Traders said the drop was linked to media reports about a money laundering network alleged to have channeled billions of

euros from Russia, Reuters reports.

Two traders linked the drop to a report in French newspaper Les Echos, which said Credit Agricole, through its private banking subsidiary Indosuez, was among the banks mentioned in a report by a collective of European news outlets called the

Organised Crime and Corruption Reporting Project.

A spokeswoman for Credit Agricole said its Indosuez unit has "fulfilled all its obligations regarding anti-money laundering" when asked about the case.

The OCCPR said its report was based on leaked documents detailing transactions worth more than US$470 billion sent in 1.3 million transfers from 233,000 firms.

Credit Agricole shares were down by 2.3 percent,

the second biggest decliner on the Paris blue-index index, and were set for the worst daily performance in nearly a month. The CAC 400 was down by 0.2 percent.

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