Featured Switzerland

Italian prosecutor says investigating Switzerland’s PKB bank, managers

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

French prosecutors call for 3.7 billion euro fine against UBS

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

Ex-Swiss banker jailed over billion-dollar global money laundering scheme

A former top executive at a Swiss bank has been sentenced to 10 years in prison and ordered to pay up over half a million dollars following an investigation into an international money laundering scheme. According to the US department of Justice, Matthias Krull, who was the managing director and… 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
5th November 2018
HSBC (HSBA.L) and UBS (UBSG.S) have closed their offices in Nigeria, the country’s central bank said in a report on Friday as it revealed foreign investment had fallen sharply from a year ago. The bank said foreign direct investment in Nigeria fell to 379.84 billion naira ($1.2 billion) in the… Read More
1st November 2018
A former top executive at a Swiss bank has been sentenced to 10 years in prison and ordered to pay up over half a million dollars following an investigation into an international money laundering scheme. According to the US department of Justice, Matthias Krull, who was the managing director and… Read More
31st October 2018
Switzerland’s Federal Tax Administration (FTA) exchanged the details of 2 million financial accounts in its first year of participating in the global standard on the automatic exchange of information (AEOI). The FTA said it sent information on around 2 million financial accounts to the partner states and received information in… Read More
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FATF publishes assessment of UK anti-money laundering, counter terror financing systems

A global anti-money laundering (AML) watchdog has found that the United Kingdom has a ‘robust understanding’ of laundering and terrorism financing threats, but warned it faces significant risks of dirty cash inflows from offshore jurisdictions and foreign criminals. The Financial Action Task Force (FATF) said Britain’s ‘strong’ public-private partnerships are… Read More

Deutsche Bank hit by new laundering report; shares slide again

Deutsche Bank (DBKGn.DE) defended its record in fighting money laundering on Thursday after the Financial Times reported it had processed 31 billion euros ($35 billion) more in questionable funds for Danske Bank (DANSKE.CO) than previously thought. A Deutsche Bank spokesman declined to comment on the FT article. He said, however,… Read More