All Switzerland articles

  • Glencore HQ

    Glencore fined $1B, placed under 3-year monitorship for FCPA violations


    Glencore International AG, one of the world’s largest commodity traders, will be placed under a three-year compliance monitorship and pay more than $1 billion to resolve multiple investigations into alleged bribes paid in several countries over more than a decade.

  • Swiss Life

    Swiss Life to pay $77.4M for tax evasion scheme


    Swiss Life Holding and three of its subsidiaries entered a deferred prosecution agreement with the Justice Department and will pay $77.4 million for conspiring with U.S. taxpayers to conceal more than $1.4 billion in offshore insurance policies.

  • Shipping

    SBM Offshore FCPA case ends, Swiss investigation begins


    SBM Offshore confirmed it has reached the end of its three-year deferred prosecution agreement with the Department of Justice for FCPA violations, but the oil and gas services company is now facing a fresh corruption investigation from Swiss enforcement authorities.

  • Safe bank

    Analysis: The problem with keeping a secret


    You can’t hide behind the numbers, as numerous banks, including Bank Hapoalim, found out recently when rampant tax evasion took hold in Switzerland.

  • Fines

    Study: Post-financial crisis fines against financial institutions hit $36B


    Global fines and penalties against financial institutions hit $36 billion last year, as ramifications from the financial crisis continue to reverberate throughout the financial services industry, according to a new report.

  • Blockchain

    FINMA publishes AML guidance on blockchain


    The Swiss Financial Market Supervisory Authority has published new guidance on how it applies AML rules to the financial services providers it supervises in the area of blockchain technology.

  • HeadInSand

    Swiss bank ignores compliance officer; pays $10.7M for tax evasion


    A Swiss-based private bank reached a $10.7 million settlement and entered into a non-prosecution agreement with the U.S. Department of Justice for committing tax evasion after recommendations made by its compliance officer went ignored.

  • Blog post

    Swiss regulator sanctions Gazprombank in wake of Panama Papers


    Following revelations from the Panama Papers, Swiss regulators identified serious shortcomings in anti-money laundering processes regarding private clients at Gazprombank Switzerland and, thus, has banned it from accepting new private clients until further notice.

  • Article

    Lost in fraud translation


    Paul Hodgson explores the case of Jacques de Groote, the 90-year-old former CEO of the World Bank and director of the International Monetary Fund, who has spent the last decade in court battling allegations of fraud and corruption.

  • Blog post

    Swiss Authorities to Unveil New ‘Lex-FIFA’ Anti-Corruption Reform


    A new draft anti-corruption law in Switzerland, named after scandal-ridden football organization FIFA, will treat bribery as a criminal offence and allow Swiss authorities to launch corruption probes against the country’s international sporting federations without tip-offs from inside the organization in question. Some members of Swiss Parliament argue that the ...