Featured Switzerland

Think local, act global? Designing multi-jurisdictional compliance programmes

Compliance professionals in many large organizations are faced with a dilemma: is it possible to maintain the clarity of a single global compliance policy while still complying with the increasingly divergent local laws?… Read More

Special Report: Sovereign Wealth Funds – Will 1MDB and the Panama Papers lead to greater transparency in the government investment sector?

As scrutiny around governments’ investments increases following the 1MDB saga and the release of the Panama Papers, will SWFs, governments, or national regulators be persuaded of the need for a wide-ranging drive towards greater transparency?… Read More
9th October 2018
Swiss bank UBS Group and six of its executives faced trial in France on Monday over charges of money laundering and tax evasion. The charges, which were also brought against UBS’ French unit, originate from a report by employee Bradley Birkenfeld which detailed a scheme to help rich clients funnel… Read More
27th September 2018
AP — Russian oligarch and Chelsea soccer club owner Roman Abramovich has withdrawn an application for residency in Switzerland after authorities made clear that it would be rejected, officials said Wednesday. Lawyers for Abramovich lashed out at “defamatory” allegations involving money laundering and denied that he has links to… Read More
24th September 2018
Pirates kidnapped 12 crew members from a Swiss merchant vessel on Saturday in Nigerian waters, the ship’s operator said in a statement. Kidnapping for ransom is a common problem in parts of Nigeria. A number of foreigners have been kidnapped in the last few years in the southern Niger Delta… Read More
19th September 2018
AP — A Spanish court on Tuesday rejected a request to extradite a former HSBC employee to serve a five-year prison sentence in Switzerland, where he was convicted for leaking a massive trove of bank data that led to tax evasion probes worldwide. The ruling was… Read More
19th September 2018
Switzerland has asked Israel to open its markets so Swiss banks can trade funds there, a senior Finance Ministry official said. Israel allows European Union banks market access, but not Switzerland as it is not an EU country and has different regulations from countries inside the bloc. “We need… Read More
18th September 2018
Swiss financial watchdog Finma said it decided to take enforcement action against Credit Suisse after an investigation found it had breached anti-money laundering regulations, such as beneficial ownership care, regarding a number of corporate scandals including the FIFA affair. The FIFA scandal exposed incidences of widespread bribery and corruption after… Read More
29th August 2018
Financial technology firms operating in Switzerland will have to adhere to less financial crime controls than other firms under a new regime which seeks to promote financial innovation in the country. Generally, all financial institutions in Switzerland are subject to due diligence requirements when it comes to combating money laundering. Read More
17th August 2018
World soccer’s ruling body FIFA says the Ghanaian government has pledged to stop the process to wind up the country’s football association (GFA) over corruption allegations. FIFA, which earlier this week threatened to suspend Ghana from international football, said the two sides had on Thursday agreed to work together “to… Read More
10th August 2018
Switzerland’s Financial Market Supervisory Authority (Finma) has rolled out what it said is a ‘less complex’ regulatory regime for small banks, which will also include changes to the risk-oriented focus of regulatory audits they undergo. The new plans will be initially implemented as part of a pilot project. Participating… Read More
3rd August 2018
Switzerland’s highest court has allowed tax authorities to turn over bank account details of two Indian citizens who had fought the release on the grounds that India’s request for assistance in a tax-dodging probe arose from stolen bank data. The case involved information leaked by whistleblower Herve Falciani, a French… Read More
Must Read

Germany: Santander bank caught up in major tax evasion investigation

Prosecutors in Germany have launched a probe into the role Spanish bank Santander may have played in a widespread tax fraud scheme. The probe, which has seen the authorities examine the role of other banks, looks at allegations that Santander executed trades that facilitated ‘severe tax evasion’ between 2007 and… Read More

Denmark investigates Nordea Bank over money laundering allegation

Denmark’s state prosecutor has launched a probe into a complaint that Nordea Bank facilitated money laundering. The Danish State Prosecutor for Serious Economic and International Crime declined to name the firm that made the allegations, but said in a tweet: “We can confirm that we have received a report… Read More