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Shareholder adviser ISS opposes free pass for UBS bosses after tax ruling

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

Council of Europe Urges Swift Action on Money Laundering, Citing Baltics and UK

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

Swiss special counsel clears friend of FIFA head Infantino

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

Shareholder adviser Glass Lewis opposes UBS compensation report

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

Swiss, Brazil intensify efforts to unravel Petrobras affair

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

21st March 2019

UK regulator fines UBS £27.6m for making millions of errors, poor transaction reporting

The Financial Conduct Authority has penalised UBS £27.6 million for making over 100 million errors and failing to provide accurate information regarding the reporting of transactions. The shortcomings relate to transaction reports made from 2007, up to as recent as 2017. The bank also failed to take ‘reasonable’ care to… Read More

18th March 2019

Deja vu: UBS tax case dredges up Swiss bank nightmares

A Swiss court will decide within weeks whether UBS must hand over historical client data to French tax authorities, a ruling that could open the door to fresh financial claims against Switzerland’s banks. Although Switzerland exchanges bank account data on current clients with dozens of countries to crack down on… Read More

6th March 2019

Cash-crazy Swiss get new 1,000 Swiss franc note

Switzerland’s central bank launched a new 1,000 Swiss franc (759.4 pounds) note on Tuesday, saying one of the world’s most valuable banknotes catered to the popularity of cash in Swiss culture and was not a help for criminals. The Swiss National Bank’s announcement of the new lilac-coloured note, available from… Read More

3rd March 2019

Mexico freezes university funds, talks of money laundering

AP—The financial intelligence unit of Mexico’s treasury has frozen $156 million of the state Autonomous University of Hidalgo’s funds while it investigates suspected money laundering, Treasury Secretary Santiago Nieto said Friday. The university received the money through Switzerland from accounts in 22 countries, according to the agency. Mexico’s financial… Read More

22nd February 2019

Banking: UBS fined €4.5 billion over money laundering, tax fraud

The French trial court on Wednesday found UBS AG and UBS (France) SA guilty of illicit solicitation and laundering the proceeds of tax fraud. It assessed a penalty of EUR 3.7 billion and EUR 15 million respectively and civil damages of EUR 800 million, or about 4.5 billion euros… Read More

23rd January 2019

Ex-Swiss banker convicted for selling secret tax data to Germany

A former UBS (UBSG.S) banker accused of selling information about wealthy German tax evaders to German authorities was convicted of economic espionage by a Swiss court on Monday. Rene S., as the 45-year-old ex-banker was called during court proceedings, was sentenced to 40 months in prison and must pay fines… Read More

7th January 2019

Credit Suisse reaches settlement over alleged RMBS misconduct

Credit Suisse has reportedly reached a deal with the New York State Attorney General’s office over misconduct allegations regarding residential mortgage-backed securities (RMBS). Prosecutors had sought billions over the case, in which the bank was accused of misrepresenting the quality of loans linked to MBS during the financial crisis. Instead,… Read More

4th January 2019

Money laundering: Ex-Credit Suisse bankers arrested over $2 billion-loan fraud scam

Three former Credit Suisse bankers have been arrested over money laundering and bribery charges pertaining to a scam which involved $2 billion in loans to companies in Mozambique. According to the prosecution, three Mozambican state-owned firms borrowed over $2 billion. The loan proceeds were meant to be used… Read More

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