法国当局采取了"双轨制"打击此类交易。除启动刑事诉讼外，法国财政部还表示，税务部门正致力于追 回因国内银行相关交易流失的约45亿欧元税收收入。 去年7月有报道称，税务部门也对在巴黎设有交易部门的华尔街银行展开审计，涉及机构包括高盛 (GS.US)与美国银行(BAC.US)。 尽管调查持续推进，法国银行业游说团体却长期否认存在任何不当行为，坚称这类引发争议的交易是出 于对冲空头头寸、规避交易风险等经济目的，而非为了避税。法国银行业联合会主席Maya Atig在去年 的议会听证会上强调，"不存在系统性欺诈行为"。 汇丰控股(HSBC.US)同意支付约3亿欧元(折合3.5亿美元)，就法国针对其在所谓"Cum-Cum"股息避税丑 闻中涉案行为发起的刑事与税务双重调查达成和解。 周四，巴黎一名法官在法庭上概述了此项和解协议，并将在晚些时候决定是否批准。若协议获准，法国 国家金融检察院对汇丰的调查将在无需该行承认不当行为的情况下终止。协议包括约2.68亿欧元的罚款 以及汇丰已支付的约3000万欧元税款。 汇丰银行代表Benjamin Rossan于周四在庭审中表示，该行承认相关基本事实，涉案交易由其巴黎交易 员在2014 ...

Core Points - Dutch prosecutors imposed a fine of €101 million (approximately $117 million) on Morgan Stanley for dividend tax evasion and submitting false tax returns [1] - The fine relates to "Cum-Cum transactions" involving Morgan Stanley's subsidiaries in London and Amsterdam, which allowed foreign stockholders to lend securities to local tax-exempt entities to avoid withholding tax on dividends [1] - Morgan Stanley allegedly designed transaction structures that enabled ineligible entities to unlawfully benefit from tax credits or refunds on dividend taxes [1] Company Summary - Morgan Stanley established a Dutch subsidiary between 2007 and 2012 to temporarily hold stocks during dividend distribution periods, earning a total of €830 million in dividend income [1] - The company claimed a total of €124 million in withholding tax credits on its corporate tax returns from 2009 to 2013 related to these transactions [1] - A spokesperson for Morgan Stanley expressed satisfaction with resolving this historical matter, which pertains to tax returns submitted in the Netherlands 12 years ago [2] Industry Context - European prosecutors are increasingly focusing on dividend stripping transactions, which have generated hundreds of millions of euros in dividend income for banks, with some countries deeming them illegal [2] - Criminal investigations have been initiated against several banks, including BNP Paribas, HSBC, and Société Générale, in France for similar practices [2] - The French tax authorities are seeking to recover at least €4.5 billion in tax losses and have expanded their investigations to include major Wall Street investment banks like Goldman Sachs and Bank of America [2]