Cahuzac admits undisclosed bank account

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ER French budget minister Jerome Cahuzac acknowledged yesterday he had held an undisclosed foreign bank account and was placed under formal investigation for allegedly laundering proceeds of tax fraud. Cahuzac's confirmation that he had around €600,000 in a foreign account was a reversal of past denials that he held a secret Swiss account and comes just two weeks after he resigned as budget ministers and prosecutors began an investigation.