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European governments move to veto Facebook’s digital money

Major European players are joining forces to block Facebook’s proposed digital currency because of the dangers it poses to national sovereignty, French Economy Minister Bruno Le Maire announced Friday. The firm opposition from France, Italy and Germany added to the mounting resistance faced by the tech giant’s troubled foray into… Read More

Ex-Credit Suisse Banker Hid $45 Million, Names Four Others

A former Credit Suisse Group AG banker told a federal jury in New York that he alone pocketed at least $45 million in a massive kickback scheme and named other ex-employees of the bank he says made millions of their own. Testifying on Wednesday, Andrew Pearse recited the illicit… Read More

Ex-Credit Suisse Bankers Will Testify in Mozambique Bribery Case

At least two former Credit Suisse Group AG bankers will testify for the U.S. at a federal trial this week, describing their roles in what the Justice Department says was a $2 billion kickback scam in Mozambique. Andrew Pearse, who headed the global financing group in the bank’s London… Read More

16th October 2019

A Swiss Bank Keeps Cropping Up in Venezuelan Corruption Cases

As Venezuela’s chronic food shortages began intensifying, Naman Wakil, a former street peddler who made millions of dollars supplying meat to the socialist government’s food programs, decided to share the wealth. Wakil ordered his Swiss bankers to transfer $5.9 million to relatives of state Food Minister Carlos Osorio, who’d given… Read More

8th October 2019

EU to keep U.S. islands on tax blacklist, drop UAE, Switzerland

European Union finance ministers are set to remove the United Arab Emirates (UAE) and Switzerland next week from the bloc’s lists of countries deemed to be acting as tax havens, an EU document said. They will however continue to blacklist three U.S. territories. The 28-nation EU set up a blacklist… Read More

4th October 2019

Swiss banks benefit as rich Britons line up escape route from Brexit chaos

Swiss private banks have seen a sharp rise in British clients who are moving assets offshore to escape a chaotic Brexit, several sources familiar with the situation told Reuters. “In recent months the number of accounts opened from Britain has trebled,” one person at the wealth management arm of a… Read More

3rd October 2019

Facebook Libra Payments Partners Waver on Cryptocurrency

Four payments companies that have joined Facebook Inc. as founding members of the Libra Association are wavering over whether to officially sign on to the cryptocurrency project, according to people familiar with the matter. Visa Inc., Mastercard Inc., PayPal Holdings Inc. and Stripe Inc. are… Read More

30th September 2019

Cars taken from Equatorial Guinea leader’s son sold for $27M

AP — Car lovers from around the world splashed out more than $27 million at an auction Sunday for dozens of luxury cars seized from the son of Equatorial Guinea’s president in a Swiss money-laundering probe. The 25 lots sold by auction house Bonhams included a white-and-cream 2014 Lamborghini Veneno roadster… Read More

23rd September 2019

Why Venezuelan money is no longer welcome in Switzerland

Swiss banks have joined the US sanctions against Venezuela, meaning the South American country’s diplomatic missions in Bern and Geneva are running out of funds to do their work and pay their staff. “We’re in a situation of financial impotence,” complains César Méndez, the Venezuelan ambassador in Bern. The embassy’s… Read More

17th September 2019

Probe of Venezuelan Bribery Scandal Widens With Latest Charges

The former president of a unit of Petroleos de Venezuela SA and two European wealth managers were charged with money laundering as a U.S. probe into a $1 billion bribery scheme expands. The three charged are Javier Alvarado Ochoa, a Venezuelan citizen and former president of PDVSA purchasing… Read More

17th September 2019

JPMorgan Hacker Will Plead Guilty Over Role in Vast Cyber-Attack

A Russian hacker at the center of an alleged scheme to steal financial data on more than 80 million JP Morgan Chase & Co. clients will plead guilty later this month, according to a U.S. court filing. Andrei Tyurin, who was extradited last year from the Republic of Georgia, is… Read More

17th September 2019

NY finds $1B in hidden transfers by family behind OxyContin

AP — The family that owns OxyContin maker Purdue Pharma used Swiss and other hidden accounts to transfer $1 billion to themselves, New York’s attorney general contends in court papers filed Friday. New York — asking a judge to enforce subpoenas of companies, banks and advisers to Purdue and its owners,… Read More

16th September 2019

After Backpage, U.S. Investigates Massage, Escort Websites That Now Dominate Market

A year after U.S. authorities closed Backpage.com, the biggest player in the online sex-for-sale industry, investigators are focused on three websites now dominant in the American market and the Swiss businessman who they believe may control them. U.S. authorities, including the Department of Homeland Security and the Justice Department, are… Read More

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