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Switzerland: Burkinabe businessman denied compensation for frozen accounts

Inoussa Kanazoé, a businessman with close links to the brother of Burkina Faso’s former president Blaise Compaoré, made his fortune through the import and export of foodstuffs, petrol, and cement. He is notably the owner of CimFaso (Cimenterie du Faso), which is a partner of Swiss company Holcim via its… Read More

France Probes Lebanese Central Bank Chief’s Wealth

France has opened a probe into the personal wealth of Riad Salameh, central bank chief in crisis-hit Lebanon, sources told AFP on Sunday. Paris financial prosecutors have opened a preliminary probe into criminal association and money laundering by Salameh, a source close to the investigation and a judicial source said,… Read More

Credit Suisse scandals prompt Switzerland to think unthinkable: punish bankers

Exasperation with Credit Suisse following a string of scandals is prompting Switzerland to rethink a system in which top bankers have been largely untouchable. Credit Suisse’s heavy losses from the collapse of family office Archegos and the decimation of billions of client investments backed by insolvent British financier Greensill have… Read More

1st June 2021

$1B feud involving Leonardo’s ‘Salvator Mundi’ reveals dark side of the art world

By Nina dos Santos, CNN, 30 May 2021 CNN — It is the biggest legal fight the art world has ever witnessed: a Russian oligarch, who claims he was ripped off buying multi-million-dollar masterpieces, versus a Swiss art dealer who says it was just business. Now, after six… Read More

31st May 2021

Concerns in Nigeria over alleged re-looting of over $1.5b Abacha booty

Economists, legal practitioners as well as other professionals and civil society organisations have expressed concerns over the poor management of returned looted funds, especially the money stolen by former Head of State, Gen. Sani Abacha. Disturbed by increasing wave of corruption across the country, despite the much-talked about anti-corruption campaign… Read More

28th May 2021

Julius Baer to Pay $80 Million to End FIFA Laundering Probe

Julius Baer Group Ltd. will pay almost $80 million to resolve a U.S. probe of its role in the payment of tens of millions of dollars in bribes to leaders of FIFA, the governing body for world soccer. The U.S. charged the Swiss private bank with a money-laundering… Read More

28th May 2021

Secret Credit Suisse Stash, Bahamas in Case Targeting Enablers

For a savvy banker, the way Jean-Marc Forneri moved funds around in 2014 was curious, to say the least. That year, Forneri — who over a high-profile career advised a French finance minister, climbed to the top ranks at Credit Suisse Group AG and ran his own M&A firm… Read More

26th May 2021

Billionaire’s $15 Million Fishing Lodge Faces Seizure in Record Tax Case

Federal prosecutors are trying to seize a $15 million fishing compound in Colorado and $77.9 million in a Swiss bank account linked to an alleged fraud by billionaire Robert Brockman, who was indicted last year in the biggest U.S. tax-evasion case ever against an individual. Beyond claims that he failed… Read More

20th May 2021

Swiss Trader Accused of Laundering Mafia Money With Diamonds

A Swiss precious metals and gems trader stands trial on Thursday accused of knowingly buying diamonds worth $750,000 on behalf of Italian criminals to help them launder the proceeds of a $35 million tax scam. C., as he can only be named under local reporting restrictions, knew or should have… Read More

17th May 2021

Feds say Swiss company to pay $77M over US tax evaders

AP — Switzerland’s biggest and oldest life insurance company will pay more than $77 million to the U.S. Treasury after admitting it helped U.S. taxpayers dodge tax responsibilities through offshore accounts after Swiss banks stopped providing tax-dodging help to U.S. taxpayers because of law enforcement scrutiny,… Read More

13th May 2021

Italian mafia milks Swiss Covid funds for expansion

The Italian mafia has found ways to expand and steal millions from Switzerland during the coronavirus pandemic, public broadcaster RTS reported on Wednesday. “We can see that the money allocated to companies as Covid loans very quickly goes abroad,” says Nicoletta della Valle, director of the Federal Office of Police (Fedpol). “It is the banks that report these… Read More

10th May 2021

1MDB and SRC file 21 civil suits against banks and others for alleged role in massive fraud

Three law firms have filed a plethora of 21 civil suits to claim billions of US dollars on behalf of state-owned 1Malaysia Development Bhd (1MDB) and its former subsidiary SRC International Sdn Bhd. The firms of Rosli Dahlan Saravana Partnership (RDS), Skrine & Co and Lim Chee Wee Partnership filed… Read More

6th May 2021

FIFA Chief Wins Swiss Court Bid to Take Prosecutor Off Probe

FIFA boss Gianni Infantino won his bid to have a specially appointed prosecutor removed from an investigation into undocumented meetings Infantino held with former Swiss Attorney General Michael Lauber. Stefan Keller’s comments in press releases in 2020 and 2021 “were not presented in an objective manner,”… Read More

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