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France: Hollande moves to stamp out fraud in public life

France: Hollande moves to stamp out fraud in public life
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President François Hollande has moved to restore confidence in French public life after the country’s former Budget Minister Jérôme Cahuzac was charged with fraud.

Hollande has introduced a raft of measures, which will require banks to declare all subsidiaries and French ministers to reveal their assets.

“French banks will have to publish annually the full list of their subsidiaries in the world, country by country and explain their business. I won’t hesitate to consider as a tax haven any country that refuses to cooperate with France,” said the president.

Other measures include a draft law designed to reduce the number of high-risk deals that banks indulge in and the institutions must hand over more operational details, including information on staff and revenues.

The Cahuzac scandal rocked France and Hollande’s presidency.

Last week the ex-budget minister acknowledged he did have a secret bank account, something he had denied for months.

The president added that a new specialist prosecutor would be appointed to deal with corruption and fraud cases and called for tax havens across the globe to be eradicated.