The former French Budget Minister Jérôme Cahuzac has admitted to holding a foreign bank account following months of strenuous denial.
Cahuzac’s resignation in March came as a huge embarrassment to President Francois Hollande, as Cahuzac was heading a government crackdown on tax evasion.
Prosecutors announced a full investigation into his banking activities and until now had not produced enough evidence to charge him by name.
Cahuzac finally came clean in his blog where he admitted he had been “caught in a spiral of lies.”
The former plastic surgeon said he held a Swiss account and was prepared to admit an account in Singapore.
His lawyer says he is to face charges of tax fraud.
The French news website Mediapart broke the story and despite a defamation complaint by Cahuzac stood by its investigation.