French ruling Socialist Party (PS) announced Wednesday that Jerome Cahuzac, who was placed under fraud investigation, was expelled from the party, said a statement released by the PS.

"Jerome Cahuzac has been excluded from the PS, he will no longer be a member," announces Harlem Desir, First Secretary of the Socialist Party.

The party made the decision in response to the breakout of a scandal involving the ex-budget minister Cahuzac, who was charged with laundering proceeds of tax fraud after had admitted owning a account in foreign bank to investigation judges on Tuesday.

Cahuzac said "he was devastated with remorse" after being aware of his lies and wrongdoing, but was criticized by French President Francois Hollande as "committing an unpardonable moral fault."

The scandal has provoked immediate reaction from all parties as well as the public. They voiced their doubts and concerns, asking the Socialist leader and the government for an explanation.

Hollande is going to make a declaration on Cahuzac's affair in television, French newspaper Le Monde reported Wednesday morning.