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SocGen Ordered to Return $150 Million of Allen Stanford Ponzi Cash

Societe Generale SA was reprimanded by a Swiss court and ordered to give up $150 million deposited by convicted fraudster Allen Stanford that it had fought for nearly a decade to keep. The court ruled that Societe Generale failed to do proper due diligence before accepting Stanford’s money. The… Read More

Swiss court orders full access to records for Vatican financial investigation

Vatican investigators have been granted full access to Swiss banking documentation related to long-time Vatican investment manager Enrico Crasso. The newly announced decision by a Swiss federal court is the latest development in the ongoing financial scandal surrounding the purchase of a London building by the Secretariat of State in… Read More

Bill Browder threatens legal action over Swiss bank accounts linked to Magnitsky scandal

High-profile Kremlin critic and investor Bill Browder has threatened Credit Suisse and UBS with legal action for breaching US sanctions if they unfreeze accounts belonging to three Russian clients accused of a huge tax fraud against his investment company. The two Swiss banks hold assets worth more than $24m, which… Read More

25th November 2020

Swiss regulator censures Bank Syz over money laundering

The Swiss financial market regulator FINMA has reprimanded Bank Syz for breaching money laundering rules involving a business relationship with an Angolan client. “FINMA found that the bank did not make sufficient efforts to investigate the substantial growth in the client’s assets,” the financial watchdog said in a statement on… Read More

20th November 2020

Swiss Prosecutors to End Magnitsky Case as Browder Calls Foul

Swiss prosecutors are close to ending a decade-old probe into alleged money laundering tied to a $230 million tax-fraud case pursued by Sergei Magnitsky, whose death in a Russian jail prompted the U.S. to enact laws targeting those responsible. The Swiss federal prosecutors outlined their intention to close the case… Read More

18th November 2020

Major Swiss banks invest billions in weapons manufacturers

In 2017 and 2018, Switzerland’s largest financial institutions invested more than $9 billion in companies which manufacture nuclear weapons. The figure was revealed in June 2019, in the latest Don’t Bank on the Bomb report by Dutch pacifist NGO Pax and the International Campaign to Abolish Nuclear Weapons (ICAN). Read More

13th November 2020

Swiss to ban deducting bribes from taxes starting in 2022

Swiss companies will no longer be able to deduct bribes paid to private individuals from their taxes, Switzerland’s government said on Wednesday, according to an update of tax laws due to take effect on Jan. 1, 2022. Beyond bribes, costs from financing criminal activities or money paid in return for… Read More

10th November 2020

Pfizer receives inquiry from SEC bribery unit

Pfizer Inc. said it received an inquiry from the U.S. Securities and Exchange Commission’s foreign-bribery unit regarding the drugmaker’s operations in China. The inquiry was disclosed in Pfizer’s third-quarter financial statement, which was filed with regulators Thursday. It follows other informal requests for information by the SEC and the… Read More

9th November 2020

Julius Baer to pay nearly $80 million in FIFA corruption case

Julius Baer has made an agreement with the U.S. Department of Justice (DoJ) to settle allegations over its role in corruption surrounding global soccer body FIFA, the bank said on Monday. The bank has taken a provision of $79.7 million to cover expected fines after agreeing in principal to a… Read More

6th November 2020

French bank BNP Paribas says it wasn’t an accomplice to Sudanese genocide

BNP Paribas urged a Manhattan federal judge to dismiss a lawsuit by alleged victims of a genocidal regime in Sudan on Thursday, saying that while its banking work for the government violated U.S. sanctions, it did not make the bank liable for its atrocities. In a telephonic hearing before U.S. Read More

5th November 2020

Juan Carlos faces new corruption inquiry over ‘secret credit cards’

Juan Carlos, Spain’s exiled and disgraced former king, is facing a corruption investigation in connection with credit cards linked to secret offshore accounts. The country’s attorney-general issued a statement confirming that it had instructed supreme court prosecutors to investigate the allegations hours after eldiario.es, an online newspaper, reported a state… Read More

2nd November 2020

Hugo Chavez’s ex-nurse indicted in US for money laundering

AP – Hugo Chávez’s former nurse has been charged with money laundering in a Miami federal court, accused of taking bribes from a billionaire media mogul to green light lucrative currency transactions when she served as Venezuela’s national treasurer. Claudia Díaz and her husband, Adrían Velasquez, were accused of… Read More

30th October 2020

Vatican investigators focus on longtime investment manager

An Italian newsweekly said Friday that it has obtained a document in which Vatican investigators focus on a longtime investment manager for the Holy See as a central figure in the ongoing financial scandal. The investment manager has said there is nothing unusual about his work at the Vatican. In… Read More

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