According to reports, Henri-Paul Pellegrino and the two other as yet unnamed officials are suspected of involvement in a network which allegedly laundered illicit funds between France and Israel using Jewish associations based in France. The accusations centre on the fact that the three senior executives failed to make enquiries into cheques of clearly doubtful origin, and failed to report huge cash withdrawfuls from some of the accounts under investigation.

Employees from two other banks- a subsidiary of Credit Commercial de France, and Bred Banque Populaire- are also assisting the French police with their enquiries, according to a Guardian report on Tuesday.

Speaking earlier this week on behalf of Barclays, Jo Wright confirmed the situation: 'A number of employees of Barclays France have been assisting the police. We take the prevention of money laundering very seriously and will continue to do all we can to assist,' she said, adding that the parent bank was trying to 'piece together the story at this end.'