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When French banks expose the defense sector to foreign operators

In a new note from GICAT (Groupement des industries French defense and land and air-land security), of which La Tribune has obtained a copy, the defense sector is not relieving the pressure on French banks considered to be too cautious in terms of financing a sovereign sector (exports, need in working capital, fundraising …). Addressed to the Élysée, to ministries (Bercy, Armies, etc.) and to influential parliamentarians, this note blows hot (suggested solutions) and polar cold. In particular when the defense sector accuses French banks of relying on American databases to carry out their compliance surveys on companies in the sector (Refinitiv WorldCheck, Dow Jones, ., etc ...)

What may seem incredible at the time of the “Cloud Act”, a United States federal law adopted in 2018 on access to communication data (personal data), in particular operated in the Cloud. This extraterritorial law allows American administrations, with a mandate from a judge, to consult data hosted on computer servers located in other countries, in the name of the protection of public safety in the United States and of the United States. combating the most serious crimes – including crime, terrorism and corruption. This way of proceeding by French banks dangerously exposes the companies concerned by these compliance investigations, which are also considered opaque by the industry:

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