Friday, July 23, 2010

Mme Bettencourt and Dexia

Marianne has reported that Mme Bettencourt sought to withdraw €500,000 in late 2006 but was prevented from doing so by her bank, Dexia. A lawyer finds this story implausible, because a bank may not refuse to deliver cash it has taken in deposit. But what the legal analysis suggests is that the bank, upon learning of the requested withdrawal, informed the client that a withdrawal that large would have to be reported to Tracfin, at which point the client decided not to withdraw the sum after all. The question would then become, Why was such a large amount of cash desired, and was it obtained in some other way?