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UBS May Use Money-Launderer Case to Appeal $5.4 Billion Penalty

Just over two years ago, UBS Group AG got a nasty shock when a Paris judge handed it a record $5.4 billion penalty for helping French clients avoid taxes. As the Swiss bank returns to the French capital on Monday for a three-week long appeal, its team of lawyers… Read More

The Billionaire Behind the Biggest U.S. Tax Fraud Case Ever Filed

More than 20 years ago, a group of former salesmen for Houston software entrepreneur Robert Brockman sued their old boss, claiming in court that he had deprived them of commissions by directing a portion of customer payments to a Cayman Islands entity. Mr. Brockman twice appealed to the Texas… Read More

Anti-corruption NGO slams ‘weak’ Swiss corporate crime laws

Too few Swiss companies are made to answer for corruption or money laundering offences, exposing gaps in current legislation, says the Swiss chapter of campaigning NGO Transparency International. The law was changed in Switzerland in 2003 to make firms criminally liable if they fail to take reasonable steps to prevent… Read More

1st March 2021

FIFA aborts Beckenbauer bribery prosecution

The world governing body for football, FIFA, says it has run out of time to prosecute Franz Beckenbauer and two others for allegedly paying bribes in the build up to the 2006 World Cup. FIFA’s adjudicatory chamber, which judges ethical breaches, ruled on Friday that too much time had… Read More

16th February 2021

Banking documents reveal consulting giants’ cash windfall under Angolan billionaire Isabel dos Santos

By Will Fitzgibbon, ICIJ, 15 February 2021 ICIJ — Three of the world’s largest consulting firms received tens of millions of dollars in payments from an obscure firm in Dubai to help restructure Angola’s corruption-ridden oil sector, according to documents that reveal new details about suspicious money… Read More

11th February 2021

Son of Russian Railways Official Owns European Real Estate Empire

By Olesya Shmagun, OCCRP, 10 February 2021 OCCRP — A 33-year-old Russian man who runs no known profitable businesses secretly owns European real estate and other assets worth at least 50 million euros, corporate records from Luxembourg show. Sergey Toni’s properties, which he holds through seven… Read More

5th February 2021

Credit Suisse Was Alerted to Private Banker’s Misconduct Years Before Criminal Charges

Credit Suisse Group AG overlooked red flags for years while a rogue private banker stole from billionaire clients, according to a report by a law firm for Switzerland’s financial regulator. The private banker, Patrice Lescaudron, was sentenced to five years in prison in 2018 for fraud and forgery. He… Read More

5th February 2021

Lebanon prosecutor sends initial findings to Swiss over central bank

Lebanon’s public prosecutor sent preliminary findings to Swiss authorities, in response to their request for legal assistance in their investigation of money laundering tied to the Lebanese central bank, the state news agency reported on Thursday. The agency said prosecutor Ghassan Oueidat sent the information through diplomatic channels and asked… Read More

3rd February 2021

Russian Oligarch Has $1.5Bln in Foreign Assets Frozen Due to Sanctions

Russian metals tycoon Viktor Vekselberg has had more than $1.5 billion worth of foreign assets frozen as a result of U.S. sanctions, he told Forbes magazine. Owner of the commodities and communications conglomerate Renova Group, Vekselberg was placed under U.S. sanctions in April 2018, as part… Read More

1st February 2021

Bouvier affair: Swiss prosecutors to close legal dispute over art

A long-running court case involving an art dealer who was accused of swindling $1bn from a Russian oligarch took a step closer to being resolved after Swiss prosecutors moved to close an action against him. The dispute between the dealer, Yves Bouvier, and the oligarch, Dmitry Rybolovlev – known as… Read More

25th January 2021

Swiss court finds Israeli businessman Beny Steinmetz guilty of corruption

In a landmark verdict in one of the mining world’s most high profile legal cases, a Swiss criminal court found Israeli businessman Beny Steinmetz guilty of corruption and forgery on Friday and sentenced him to five years in jail with a sizeable fine. The ruling after a two-week trial is… Read More

22nd January 2021

Two former Julius Baer CEOs reprimanded following money laundering inquiry

Two former CEOs of private bank Julius Baer were reprimanded on Thursday by Switzerland’s financial regulator after an inquiry into money laundering in Venezuela and corruption at soccer’s world governing body FIFA. Regulator FINMA did not name the executives but former Chief Executive Boris Collardi, now a partner at Geneva… Read More

20th January 2021

Swiss authorities ask Lebanon to cooperate on central bank probe

Swiss authorities have opened an investigation into money transfers by Lebanon’s Central Bank Governor Riad Salameh, a Lebanese government official told Reuters on Tuesday. Salameh denied any wrongdoing. “Both the prime minister and the president are in the loop” on the inquiry which is also looking into Salameh’s brother and… Read More

Must Read

U.S. blocked Myanmar junta attempt to empty $1 billion New York Fed account

Jersey trust company fined $835,000 for opening ‘gateway to possible money laundering’ in Angola

UBS May Use Money-Launderer Case to Appeal $5.4 Billion Penalty

U.S., U.K. Weigh More Russia Sanctions, Possibly Targeting Debt

U.S. Weighs Sanctions Against Lebanon Central Bank Chief