appeal on Tuesday, the Paris Court of Appeal condemned the Latvian bank Rietumu for laundering tax evasion in the France Offshore case. However, the fine has been significantly reduced.

Sentenced with a fine of 20 million euros, a quarter of that imposed at first instance, the Latvian bank Rietumu had indeed been an essential part of this vast system of tax evasion aimed at French clients between 2008 and 2012.
His boss at the time, Alexander Pankov, was acquitted for part of the charges and sentenced to two years of suspended imprisonment and a fine of 150,000 euros - compared to four years suspended

The court confirmed the ban on the bank from operating in France for five years, as well as the amount of damages to be paid to the French State - more than 10 million euros jointly and severally for all the defendants - but limited them to four million for Alexander Pankov.

Tuesday's decision comes a decade after the events, when France Offshore was advertising the “tax haven for all.”