Switzerland’s financial markets watchdog says it investigated 22 breaches of money laundering requirements last year, from nine in 2015, as the Alpine country seeks to combat the growing risk of corruption linked to assets from around the world. The authority, FINMA, said Tuesday that “serious shortcomings” came to light in 2016, including major cases involving; […]

The corruption scandal engulfing Brazilian oil giant Petrobras has further embroiled both Keppel Corp and Sembcorp Marine, with allegations that US$9.5 million (S$13 million) in bribes were paid by agents of the two Singapore companies. The money was allegedly paid to officials of Petrobras, its unit Sete Brasil and Brazil’s Workers’ Party to procure 12 […]

Brazilian prosecutors officially charged Marcelo Odebrecht, CEO of construction firm Odebrecht SA, with corruption on Friday as part of a sweeping probe into oil and gas firms. Odebrecht was charged with corruption, money laundering and criminal conspiracy, Reuters said. Prosecutors also allege that Odebrecht SA laundered more than 1 billion reais, or about $300 million, […]

The former director of international operations at Brazil’s state-controlled oil company was sentenced to five years in prison for money laundering in the latest development in a multibillion-dollar graft investigation. Nestor Cervero, who left Petroleo Brasileiro SA in 2014, set up a front company in Uruguay to purchase an apartment in an upscale Rio de […]

Swiss prosecutors have uncovered over 300 accounts suspected linked to Petrobras corruption Switzerland has frozen roughly $400 million in Swiss accounts in the investigation and has begun to return an initial 120 million to Brazilian officials, Swiss Attorney General Michael Lauber said at a news conference in Brasilia. “We do not tolerate the misuse of […]

Documents released by a Brazilian court have outlined the alleged use of Swiss bank accounts for the payment of bribes in the Petrobras scandal. Pedro Barusco, a former Petrobras executive and key witness in what is emerging as Brazil’s biggest graft case, said in a statement filed with a court in Parana that he laundered […]

Prosecutors on Tuesday accused a former senior Petrobras executive of racketeering, bribery and money laundering through Switzerland and Uruguay in a widening kickback scandal that has engulfed Brazil’s state-run oil company. Nestor Cerveró was head of international operations at Petroleo Brasileiro SA, as the company is known, from 2003 to 2008, when prosecutors say he […]