Societe Generale, the French unit of Barclays and two other banks are to face trial in Paris on charges that they abetted a money laundering operation between France and Israel, judicial officials said yesterday.
About 100 individuals, including the chief executive of Societe Generale, Daniel Bouton, and other senior bank executives have been charged in the case. No date for the trial was announced.
French financial police have been probing the alleged scheme - known as the Sentier II case for the garment district in Paris where many of the transactions originated - since 1997. The case is being watched as a test of banks' accountability for money-laundering offences committed by employees.
Societe Generale is accused of having laundered some 32 million euros, Barclays France close to 24 million euros, National Bank of Pakistan 2.5 million euros and Societe Marseillaise de Credit about 2.7 million euros, the court officials said.
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