Mr Hollande, whose term ends in May 2017 and who said last week he would not seek a second one, at the time condemned what he called an unforgivable moral error.

Mr Cahuzac’ former wife, Patricia Menard, was also found guilty of “20 years rooted in fraud” and sentenced to two years in jail.

In all around 3.5 million euros of funds were found to have been stashed in foreign accounts, with the former Mrs Cahuzac hiding 2.7 million in one on the Isle of Man.

Along with sumptuous holidays in Corsica, the court heard how the pair spent much of their ill-gotten gains on buying flats for their children in London.

The pair, whose hair transplant customers featured a string of balding stars, have already paid back taxes and penalties totalling some 2.5 million euros.

Reyl bank of Geneva was also fined 1.875 million euros for money laundering, with its director and a fiscal lawyer receiving fines and suspended sentences.