PARIS (AP) — Former French budget minister Jerome Cahuzac was sentenced Thursday to three years in prison in one of the biggest political scandals of President Francois Hollande's government.

A Paris court ruled that Cahuzac was guilty of tax fraud and money-laundering for hiding his wealth in tax havens around the world. The court said Cahuzac committed irregularities "of an extraordinary and rare seriousness."

Cahuzac, who has also been banned from running for office for five years, can appeal the ruling and will remain free in the meantime.

Cahuzac and his ex-wife Patricia Menard have acknowledged owning illegal foreign bank accounts for two decades. They have already paid 2.3 million euros ($2.5 million) in back taxes to French authorities.

Menard was sentenced to two years in prison for tax fraud.

France's top financial prosecutor, Eliane Houlette, had in September asked the court to sentence Cahuzac to three years in jail for inflicting "major harm to France," ''tarnishing its image," ''withering its honor" and "making it the laughing stock of the entire world."

As budget minister, the 64-year-old former cosmetic surgeon hid his wealth at the same time as he was leading the government's fight against tax evasion. He was forced to resign in 2013.

The scandal fueled public mistrust of traditional politicians and demands for more transparency, issues that are surfacing in the upcoming French presidential election.

Cahuzac and his ex-wife's hidden wealth in foreign bank accounts in Switzerland, Singapore and the British tax haven of the Isle of Man was estimated at 3.5 million euros ($3.9 million) in 2013. The value of their concealed assets likely was much higher because the money helped the couple finance a lavish lifestyle over the years.

After the first press reports that Cahuzac had a hidden foreign bank account surfaced in late 2012, Cahuzac publicly denied the allegations for months. He eventually admitted to the fraud in April 2013, saying he had been "trapped in a lying spiral." French law does not sanction perjury.

The Cahuzac scandal damaged Hollande's approval ratings, which took a 13-point dive during the first quarter of 2013.