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Tuesday, March 26 2019 @ 06:34 PM UTC

BNP Paribas to close units on OECD's "grey list"

Money MattersPARIS, Sept 28 (Reuters) - French bank BNP Paribas is to close subsidiaries located in countries on the OECD's "grey list" of nations which have not fully implemented global tax standards. "I think we have around half a dozen or so subsidiaries in tax havens, such as Panama, and it's there (in Panama) that we have decided to close down," chief executive Baudouin Prot told Europe 1 radio station on Monday. "BNP Paribas will no longer have any businesses in tax havens that remain on the grey list," he said. The OECD's (Organisation for Economic Co-operation & Development) so-called grey list often changes since countries can get taken off the list if they prove to have strengthened their tax systems. Earlier this month, the OECD removed Austria from the list. (Reporting by Sudip Kar-Gupta; Editing by Dan Lalor)

Editor's Comment: If you have your money in a French bank, then you deserve whatever happens to you.

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