Featured Switzerland

UBS switches stance with plan to offer $113 million tax settlement in Italy

UBS looks set to agree a 100 million euro ($113 million) settlement of a money laundering and tax case in Italy within the next few weeks, according to people familiar with the matter, in contrast to a similar case in France. Switzerland’s biggest bank is battling a number of court… Read More

New York court dismisses whistleblower’s libel suit against UBS

A New York appeals court has dismissed a U.S. whistleblower’s $20 million libel suit against Swiss bank UBS, his former employer, concluding that statements the Zurich-based bank made about him were at least “substantially true”. Court documents dated May 21 showed that the appeals court upheld an earlier ruling dismissing… Read More

British overseas territories top corporate tax loophole index

Britain’s offshore territories the British Virgin Islands (BVI), Bermuda and the Cayman Islands were named in a study released on Wednesday as the most significant jurisdictions used by global companies to minimise their tax bills. Governments are stepping up efforts to recoup more tax from multinationals, with the European Commission… Read More
24th May 2019
AP — A former executive at Mexico’s state-owned oil company who was sanctioned this week by the comptroller’s office has been identified as Pemex’s former director Emilio Lozoya by the head of the country’s financial intelligence unit. Santiago Nieto, who investigates crimes for Mexico’s finance ministry, congratulated the comptroller via… Read More
30th April 2019
A Swiss anti-corruption lobby group has filed a criminal complaint against Credit Suisse over alleged fraud in the arrangement of $2 billion of loans to Mozambique, the group said on Monday. Mozambique, one of the most indebted countries in the world, in 2016 admitted to billions of dollars of undisclosed… Read More
29th April 2019
The Royal Bank of Scotland (RBS) Group has launched an internal investigation into whether its subsidiary Coutts and Co. and a unit of ABN Amro processed payments linked to a Russian and Lithuanian money laundering scheme. The Edinburgh-based lender disclosed in a quarterly earnings filing Friday that the probe had… Read More
29th April 2019
Zurich Life Insurance Company and its Isle of Man-based affiliate will pay the US Justice Department $5.1 million for failing to stop clients from evading American tax obligations through their services. From January 2008 through June 2014, the companies maintained approximately 420 US-linked policies, worth an aggregate $102 million, for… Read More
26th April 2019
Glencore Plc said on Thursday that the U.S Commodity Futures Trading Commission (CFTC) is investigating whether the miner and its units may have violated certain regulations through “corrupt practices”. The company said the investigations are at an early stage and have a similar scope in terms of subject matter as… Read More
16th April 2019
UBS shareholders should oppose discharging the board and top management of Switzerland’s biggest bank from liability after a guilty verdict in a French tax evasion case, proxy adviser Institutional Shareholder Services (ISS) said. “A vote against the formal discharge of the board of directors and senior management is warranted on… Read More
15th April 2019
European lawmakers are urging financial institutions and governments to address dozens of legal and supervisory shortcomings they say contributed to the proliferation of massive money laundering schemes in recent years. In a resolution adopted Thursday, the Council of Europe’s Parliamentary Assembly said that recent money laundering schemes linked to… Read More
13th April 2019
AP — A special counsel’s office in Switzerland says it has closed an investigation into a regional prosecutor’s links with FIFA president Gianni Infantino. After reports in the “Football Leaks” series last November, a criminal proceeding for possible passive corruption was opened against Rinaldo Arnold, a childhood friend of Infantino. Read More
11th April 2019
Shareholders of Swiss bank UBS Group should oppose its compensation report for 2018, proxy adviser Glass Lewis said, citing “pay-for-performance concern”. Shareholders get a non-binding vote on pay policy at the bank’s annual meeting on May 2. Glass Lewis said that while UBS had improved earnings last year, some financial… Read More
10th April 2019
Crimefighters in Switzerland and Brazil pledged to intensify cooperation to resolve the sprawling corruption case linked to state oil firm Petrobras in which around 700 million Swiss francs ($701 million) remain frozen in Switzerland. Switzerland has so far returned roughly 365 million Swiss francs ($365.6 million) to Brazil related to… Read More