Italy police seize funds over suspected fraud against Monte Paschi

ROME Wed Feb 6, 2013 1:16pm EST

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ROME Feb 6 (Reuters) - Italian prosecutors said on Wednesday they had ordered the seizure of assets worth some 40 million euros ($54.15 million) in connection with possible fraud against Monte dei Paschi di Siena bank.

"The orders were carried out at banks and trustees on suspicion of fraud against the MPS bank," the prosecutors said in a statement.

The funds were held under a so-called "tax shield" arrangement, which gives tax amnesty to undeclared funds held illegally offshore, statement said without giving more details. ($1 = 0.7387 euros) (Reporting By James Mackenzie)

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