17th September 2019
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
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
12th September 2019
Facebook’s (FB.O) Libra cryptocurrency suffered another setback on Wednesday when Switzerland said the proposed payments system could face strict rules that typically apply to banks, on top of tough anti-money laundering laws. The world’s largest social media network announced plans in June to launch the new currency as… Read More
12th September 2019
Federal prosecutors in Los Angeles have been working for three years to recover assets around the world that were allegedly acquired with billions of dollars stolen from Malaysia’s 1MDB fund by people associated with former prime minister Najib Razak. But the question of whether the civil forfeiture lawsuits for overseas… Read More
6th September 2019
Ever since the 2008 financial crisis, US financial misconduct fines have led the world.  However, defenders of Europe’s more collegiate approach to tackling banks’ money-laundering shortcomings say US banks also lead the world for de-risking, shunning some of the globe’s poorest countries from access to the dollar system. … Read More
3rd September 2019
The wait and anticipation are over – Switzerland finally has two newly-minted crypto banks: Sygnum and SEBA. Bitcoin Suisse is also hoping for a regulatory nod of approval towards its own banking license request. The “will they, won’t they” Sygnum/SEBA saga also reveals a bit about the mechanics… Read More
29th August 2019
A former executive at HSBC Holdings Plc’s Swiss private bank was cleared in a probe where his boss pleaded guilty to helping wealthy clients hide assets worth at least 1.6 billion euros ($1.8… Read More
28th August 2019
Switzerland’s financial regulator issued guidance on the money-laundering risks associated with blockchain technology following a call to action by a global standard-setter this year. The guidance, released Monday by the Swiss Financial Market Supervisory Authority, also known as Finma, steered blockchain businesses toward compliance with Switzerland’s existing anti-money-laundering and… Read More
28th August 2019
French authorities investigating corruption in international sports believe a Swiss partner of Japanese advertising giant Dentsu Inc played a “central and essential role” in deals used to embezzle sponsorship money and have asked Switzerland to raid its office and seize evidence, according to a person with knowledge of the probe and documents… Read More
26th August 2019
The chair of the U.S. House Financial Services Committee said on Sunday she remained concerned about Facebook’s plans for a digital currency after meeting the government officials in Switzerland that Facebook has said will regulate it. “While I appreciate the time that the Swiss government officials took to meet with… Read More