Featured Switzerland

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

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

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
4th January 2019
Swiss financial regulator FINMA has introduced a relaxed anti-money laundering regime for smaller financial technology firms as it looks to promote innovation. The companies will still be subject to the Anti-Money Laundering Act, under the new licensing category – known as the FinTech licence – in Article 1b of the… Read More
20th December 2018
A Russian mafia whistleblower who was found dead after going out for a run near his home in southern England six years ago probably died of natural causes rather than from an elaborate poison plot, a British coroner found on Wednesday. Alexander Perepilichny, 44, was found collapsed and vomiting… Read More
20th December 2018
UBS Financial Services (UBSFS) has agreed to pay $14.5 million in penalties to US regulators after it emerged that it failed to implement sufficient financial crime prevention procedures for over a decade. For years, UBSFS did not provide sufficient resources to ensure day-to-day anti-money laundering (AML) compliance, according to the… Read More
22nd November 2018
A tale of drug money laundering spanning from the crowded streets of Casablanca to the pristine shores of Lac Leman, Geneva, has finally come to its conclusion in the courts in Paris – and an epilogue yet to play out in French prison. The story begins almost a decade earlier… Read More
19th November 2018
A decade after a U.S. crackdown ended Swiss banking secrecy, rich Americans are flocking back to UBS (UBSG.S) as they look to diversify their investments in a volatile U.S. political landscape, a senior executive at the Swiss group told Reuters. “The interest has increased, for political reasons and for… Read More
15th November 2018
Geneva prosecutors said on Tuesday they are looking at whether Credit Suisse (CSGN.S) exercised adequate oversight of money deposited in its accounts that belonged to Turkish investors who suffered losses. Two independent asset managers who used Credit Suisse accounts to deposit money from wealthy Turkish clients are suspected of covering… Read More
12th November 2018
Eighteen managers of Swiss private bank PKB Privatbank SA Lugano are under investigation in Italy for fiscal fraud and money laundering, Milan’s Chief Prosecutor Francesco Greco said on Wednesday. The managers under investigation are mostly resident in Italy, where PKB owns Cassa Lombarda, Greco said. Tax police had searched… Read More
12th November 2018
AP — Switzerland’s chief economic crimes prosecutor was suspended last week while leading an investigation into corruption linked to FIFA, the federal prosecutor’s office said Friday. It was unclear how Olivier Thormann’s suspension will affect the integrity of ongoing criminal proceedings. Soccer officials under criminal suspicion… Read More
9th November 2018
French prosecutors argued in a Paris court on Thursday for Swiss bank UBS AG (UBSG.S) to be fined 3.7 billion euros (3.22 billion pounds) for helping wealthy French people evade taxes. After a seven-year investigation and aborted settlement negotiations, UBS faces accusations of laundering the proceeds of tax fraud and… Read More
7th November 2018
The Financial Markets Supervisory Authority (Finma) has urged firms to update their policies in line with new information issued by global anti-money laundering body the Financial Action Task Force (FATF). New documents published include FATF’s Public Statement urging members to apply a number of counter measures to countries with ‘serious… Read More