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Credit Suisse Blocks Prosecutor Using Critical Finma Report

Credit Suisse Group AG has acted to block Geneva prosecutors from using details of a critical report by the country’s financial regulator into the bank’s failure to prevent fraud at its wealth management unit. The bank asked Geneva prosecutor Yves Bertossa to seal the report, which he is legally… Read More

Swiss court rebuffs FINMA’s seizure of bank BSI money in 1MDB case

Swiss financial markets supervisor FINMA must reconsider its confiscation of 95 million Swiss francs ($95.27 million) from Banca della Svizzera Italiana (BSI), after a court called its calculation of the amount seized “incomprehensible”. BSI was bought by EFG International in 2016 from Brazil’s BTG Pactual after becoming tangled in legal… Read More

Ukraine puts former Ferrexpo chief executive on international wanted list

Ukraine’s state prosecutor office said on Tuesday that Kostyantin Zhevago, the former chief executive of London-listed iron pellet producer Ferrexpo, had been put on an international wanted list. Prosecutors said in a statement they wanted to detain a former lawmaker and former beneficiary owner of Finance & Credit Bank. Tuesday’s… Read More

3rd December 2019

Belgian lawyer accused in Swiss court of laundering family shares in InBev

A Belgian lawyer appeared in a Geneva court on Monday accused of money-laundering and falsifying documents in a case involving Belgium’s richest family, who say she swindled missing shares in brewer InBev worth some $60 million today. The woman, who denies the charges, was convicted in 2016 by a Luxembourg… Read More

2nd December 2019

For Love and Money in Mozambique: How a Credit Suisse Banker Helped Fuel an Alleged $2 Billion Debt Fraud

Andrew Pearse said he negotiated his first bribe while sipping vodka at a hotel in Maputo, the capital of Mozambique, in February 2013. His employer, Credit Suisse Group AG, was financing a $370 million coastal security contract between Mozambique and Privinvest Group, a shipbuilder owned by Lebanese billionaire Iskandar… Read More

28th November 2019

Swiss revamp antiquated money laundering, terrorism finance report system

Switzerland is overhauling its 21-year-old system for reporting suspected money laundering and terrorism financing, Swiss federal police said on Wednesday, after concluding the old system that relies on fax or mail has outlived its usefulness. From 2020, Switzerland plans to use an anti-money laundering program from the United Nations Office… Read More

26th November 2019

Swiss bankers fined over 1MDB dealings

Two bankers who worked at Coutts private bank in Zurich were fined by the Swiss authorities for failing to report suspicious transactions linked to the sovereign wealth fund 1MDB scandal, it was reported on Sunday. The Sonntag Zeitung and Le Matin Dimanche newspapers reported on Sunday that two Coutts bankers who… Read More

22nd November 2019

Swiss prosecutors search Vitol, Trafigura offices amid sweeping graft probe

Swiss investigators have executed search warrants at addresses linked to Vitol and Trafigura, their counterparts in Brazil said on Thursday, as a sprawling probe into the global commodity trading industry intensifies. In a statement, Brazilian federal prosecutors said Swiss investigators searched the Geneva addresses on Wednesday as part of a… Read More

21st November 2019

Ex-CEO of Brazil’s Braskem arrested on U.S. corruption charges

The former chief executive of Brazilian petrochemical company Braskem SA (BRKM5.SA) was arrested on Wednesday in New York on charges that he took part in a scheme to pay millions of dollars in bribes to officials to secure government contracts. Jose Carlos Grubisich was charged with conspiracy to… Read More

11th November 2019

INVESTIGATION: Dubai real estate links point to hidden Abacha loot

Twenty years after the controversial demise of one of Nigeria’s last military leaders, Sani Abacha, one sore thumb still aching local and international financial crime investigators is the full extent of his legacy of corruption. In the years since 2002, when the first insight into the depth of corruption during… Read More

6th November 2019

Malaysia aims to locate further $4.3 billion in 1MDB-linked assets

Malaysia is working to locate at least $4.3 billion in assets that have yet to be accounted for in a global money laundering probe into state fund 1MDB, its anti-corruption chief said on Tuesday. U.S. authorities say about $4.5 billion was siphoned from sovereign wealth fund 1Malaysia Development Berhad (1MDB)… Read More

5th November 2019

UBS Has Four Weeks in June to Fight $5 Billion French Fine

UBS Group AG is set for a Paris retrial in June to fight its conviction and record 4.5 billion-euro ($5 billion) fine for helping wealthy French clients stash undeclared funds in offshore accounts. Judges at the Paris Court of Appeals said on Monday the UBS retrial will run… Read More

25th October 2019

Swiss investigate J. Safra Sarasin amid Brazilian ‘car wash’ probe

Swiss federal prosecutors said they had opened an investigation of private bank J. Safra Sarasin as part of a wide-ranging corruption probe surrounding Brazilian state oil company Petrobras (PETR4.SA) and construction firm Odebrecht. The Office of the Attorney General opened proceedings against the Basel-based bank in November 2018,… Read More

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Credit Suisse Blocks Prosecutor Using Critical Finma Report

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