Swiss banks step up SARS on Saudi clients Following reports about • the arrest last month of more than 200 people, including some of Saudi Arabia’s richest businessmen and princes. They were detained at the Ritz-Carlton hotel in Riyadh as part of an anti-graft operation launched by Crown Prince Mohammed bin Salman, the kingdom’s powerful […]
Read MoreTAX EVASION HUNT, AUSTRALIA FINDS SWISS ACCOUNTS
In tax evasion hunt, Australia finds scores of Swiss accounts still active. Hundreds of secret Swiss bank accounts identified by Australian authorities as part of a global tax evasion and money laundering investigation are still in use, a top tax official said on Wednesday. Coordinated raids on scores of suspicious bank accounts began last week […]
Read MoreSwiss Probe Private Bank Lombard Odier Over Suspected Uzbek Money Laundering
Swiss federal prosecutors have launched a criminal investigation into whether the private bank Lombard Odier failed to prevent money laundering involving the daughter of the former Uzbek president, they said on Thursday. The Office of the Attorney General said it had opened an investigation into the bank, a former employee and persons unknown, which suggests […]
Read MoreBanking Watchdog: About 15 Swiss Banks in Money Laundering ‘Red Zone’
Roughly 15 Swiss banks are in a “red zone” of lenders particularly exposed to money laundering risks, the head of Swiss banking watchdog FINMA said in a newspaper interview published on Sunday. Swiss federal prosecutors last week said that they have opened criminal proceedings against Zurich-based Falcon Private Bank for alleged failure to prevent suspected […]
Read MoreSwiss private bank FALCON blocked from new Singapore business and being investigated for AML breaches & linked to 1MDB.
Swiss private bank Falcon has been blocked from taking on new business in Singapore by the local central bank and financial regulator, Swiss newspaper Finanz und Wirtschaft said on Wednesday, citing information it had obtained. Falcon is one of the banks under investigation by the Monetary Authority of Singapore (MAS) for a possible breach of […]
Read MoreThe Swiss bank UBS has agreed to pay US authorities $1.7 million to settle “apparent” violations of rules banning transactions benefiting officially designated terrorists, the Treasury Department said Thursday.
The Treasury’s Office of Foreign Assets Control said the bank had handled 222 US securities transactions worth $2.5 million between 2008 and 2013 on behalf of an individual client who was blacklisted by OFAC under US sanctions. The client was not identified by the Treasury, but it said the transactions benefited a person or group […]
Read MoreUS authorities investigating Singapore asset manager in offshore tax evasion crackdown, says WSJ
Criminal investigators from the US Internal Revenue Service (IRS) are investigating whether a Singapore asset-management firm accepted transfers from undeclared Swiss accounts closed by US taxpayers, the Wall Street Journal reported. Lawyers who spoke to the Journal on the matter declined to name the Singapore firm being probed but said a handful of clients were […]
Read MoreForeign Banks and Bankers Face New Risks From Swiss Bank Amnesty
The first non-prosecution agreement signals expanded US tax enforcement opportunities at home and abroad. Since that presentation, the US Department of Justice (DOJ) has announced the first Non-Prosecution Agreement (NPA) with BSI, SA, (BSI) one of Switzerland’s largest banks, under its Swiss Bank Program. The NPA illuminates the Swiss banking community’s struggle to comply with […]
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