All Switzerland articles

  • Credit Suisse
    News Brief

    FINMA: Credit Suisse ‘seriously breached’ duty regarding Greensill


    Poor risk management by Credit Suisse’s asset management company kept the bank mostly unaware of the risky nature of lending procedures used by Lex Greensill that would lead to the collapse of Greensill Capital, according to Switzerland’s Financial Market Supervisory Authority.

  • ABB

    ABB avoids DOJ monitor, to pay $327M over South African bribes


    ABB agreed to pay $327 million in penalties to settle coordinated charges it paid bribes to win South African energy contracts. The company entered into a three-year deferred prosecution agreement with the DOJ for violations of the Foreign Corrupt Practices Act.

  • Bribery

    Report: Global anti-bribery enforcement levels hit record low


    Only the United States and Switzerland can be considered “active enforcers” in tackling foreign bribery, while countries like the United Kingdom and Israel have taken a step back, according to the latest report from Transparency International.

  • 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

    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

    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 ...