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Many Swiss private banks facing ‘extinction’

Switzerland’s vaunted private banking scene is tipped to shrink further with a third of banks struggling to make ends meet in the face of adverse conditions. An annual health check of the sector has forecast that smaller players could be “driven to extinction”. A study of 87 private banks by… Read More

‘Swiss Leaks’ banker admits to helping clients hide money

A former chief executive of HSBC’s Swiss unit has pleaded guilty to helping wealthy clients hide at least €1.6 million. AFP recently reported that Peter Braunwalder was fined $560,000 and received a one-year suspended sentence in France for his role in helping HSBC’s clients stash their cash. The Swiss Leaks… Read More

B.C. gov’t seeks to seize properties allegedly linked to $165 million stock fraud

The B.C. government is suing to seize properties in the B.C. Interior that it alleges were linked to a $200-million-plus international stock fraud. In a lawsuit filed in B.C. Supreme Court this month, the B.C. Civil Forfeiture Office alleges a $1.6-million house on Mission Ridge Road in Kelowna and a… Read More

8th August 2019

Italian tax authorities ask for information on UBS clients

Italy’s tax authorities have made a request to their Swiss counterparts for information about possible tax evasion by UBS (UBSG.S) clients, Swiss newspaper Tages-Anzeiger reported on Wednesday. The Italian authorities are seeking help on Italian residents who held UBS accounts in Switzerland between 2015 and 2016 and who… Read More

8th August 2019

Ex-HSBC Banker Pleads Guilty in $1.8 Billion French Tax Case

The former chief executive officer of HSBC Holdings Plc’s Swiss private bank pleaded guilty to helping wealthy clients hide assets worth at least 1.6 billion euros ($1.8 billion) as French prosecutors flex their muscles to tackle white-collar crime. Peter Braunwalder was fined 500,000 euros and given a one-year suspended… Read More

7th August 2019

HSBC agrees to 300 mln euro settlement of Belgian tax fraud case: prosecutors

HSBC’s Swiss private banking arm has agreed to pay nearly 300 million euros ($336 million) to settle a tax fraud case in Belgium, Belgian prosecutors said on Tuesday, the latest blow for the Alpine state’s banking sector from the EU. The settlement comes after a French court in February ordered… Read More

7th August 2019

Swiss indict former German soccer officials over World Cup payment

Swiss federal prosecutors have filed fraud charges against three former senior German soccer officials and one Swiss over a suspect payment linked to the 2006 World Cup hosted by Germany, the Swiss Attorney General’s office said on Tuesday. The indictment alleges former German Football Association (DFB) presidents Theo Zwanziger and… Read More

31st July 2019

UBS close to settling in Italy money-laundering probe: sources

Swiss bank UBS (UBSG.S) has reached a provisional deal with Italian prosecutors to pay 3 million euros ($3.3 million) to settle a money-laundering investigation, two sources said, in a move to end one of its biggest legal headaches in Europe. The bank has been grappling with two separate… Read More

29th July 2019

Swiss UBS ruling could open new doors on client data

Switzerland’s highest court has ruled that historical data about 40,000 UBS (UBSG.S) clients must be handed to French tax authorities in a landmark case that could set a precedent for foreign governments seeking information from Swiss banks. Three of the five judges presiding at the Swiss Supreme Court… Read More

26th July 2019

UBS Fate in Swiss Court Tax Case May Come Down to Show of Hands

At 9:15 Friday morning high on a hill overlooking Lake Geneva, five Swiss Supreme Court judges will debate whether UBS Group AG must hand over data on its French clients to Paris tax authorities as part of a crackdown on suspected tax evasion. The case, dating back… Read More

23rd July 2019

Swiss Bank to Pay $1.2 Million for Failing to Report US-Linked Accounts

Banque Bonhôte & Cie SA, Ltd. (Bonhôte) of Switzerland will pay an additional $1.2 million to American authorities after acknowledging that it under-reported its US-linked accounts in a 2015 non-prosecution deal reached under the Swiss Bank Program. The latest monetary penalty adds to the $624,000 previously paid by the Swiss… Read More

23rd July 2019

Switzerland’s SIX to launch marijuana data service

SIX, the operator of Switzerland’s stock exchange, said it plans to launch a data service for more than 30,000 securities connected to marijuana related businesses (MRB) to help investors assess their exposure to cannabis-linked companies. Aimed at investors who don’t want their money being used for buying securities involved in… Read More

18th July 2019

The dark side of Zug’s Crypto Valley

Canton Zug has been positioning itself as the global capital of cryptocurrencies, but accusations of fraud engulfing cryptocurrency markets could curb its ambitions. In the United States, legal proceedings implicating cryptocurrency exchange platform Bitfinex in a $850 million (CHF841 million) fraud scandal are forcing Zug’s so-called “Crypto Valley” to examine… Read More

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Many Swiss private banks facing ‘extinction’