France’s former budget minister Jérôme Cahuzac, who until two weeks ago was responsible for cracking down on tax evasion, admitted to having hidden funds in a secret Swiss bank on Tuesday. Judges have now placed Cahuzac under formal investigation.
France's former budget minister Jérôme Cahuzac admitted on Tuesday that he had held a secret bank account abroad – a fact that he has strenuously denied until now.
His admission comes two weeks after he resigned from the Socialist government over allegations that he had siphoned funds into a UBS bank account in Switzerland in order to avoid paying taxes in France.
The allegations were published by French investigative website Mediapart in December 2012, prompting prosecutors to open an inquiry.
On Tuesday he was forced to admit to investigating magistrates that he had lied and was placed under formal investigation for tax fraud.
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