► Full reference: N. Catelan, “Fraude CumCum : une CJIP ‘gagnant-gagnant’ ?” (“CumCum Fraud: A ‘Win-Win’ CJIP?”), note on Paris Judicial Court, validation order of 8 September 2025, CJIP Crédit Agricole CIB, AJ pénal 2025, No. 11, pp. 504-505.
🦉 This article is available in full text for students enrolled in Professor Marie-Anne Frison-Roche’s courses.
► Summary: The author comments on the CJIP concluded with Crédit Agricole CIB for aggravated laundering of tax fraud in the dividend arbitrage (CumCum) affair. He analyses how the public interest fine was calculated, with its aggravating and mitigating factors, and stresses that, under the PNF guidelines, cooperation makes it possible to escape criminal liability in exchange for payment.