Switzerland

Featured Switzerland

Enduring Italians, Ambitious Albanians – How Cocaine is Changing Europe’s Criminal Landscape

By Chris Dalby, InSight Crime, 21 September 2021 InSight Crime — Ever greater quantities of cocaine are making their way across the Atlantic and are being sold at ever greater prices across Europe. A new Europol report reveals how this has changed the way organized crime operates… Read More

Corruption trackers flag increased global money laundering risks

The Basel Institute on Governance said the global risk score increased from 5.22 to 5.3 out of 10 (highest risk score) in its Anti-Money Laundering Index. In 2021, Switzerland scored 4.89 in the independent annual ranking that examines the risk of money laundering in 110 jurisdictions. That marks an increase… Read More

How the ‘War on Terror’ exposed compliance gaps in Swiss companies

Whether it was turning a blind eye or doing business with blacklisted entities, Swiss firms’ due diligence practices were put to the test amid the crackdown on terrorism that followed the September 11 terrorist attacks.  Almost two decades after planes brought down New York’s World Trade Center towers, a… Read More
7th September 2021
EY auditors failed to raise the alarm over multimillion-dollar jewellery purchases and approved huge payments to opaque offshore companies in the years before one of Switzerland’s biggest ever corporate collapses. Zeromax, a conglomerate based in the Swiss canton of Zug, had a business empire in Uzbekistan with interests ranging from… Read More
31st August 2021
Switzerland’s Federal Criminal Court has sentenced a German woman, who was at the helm of a trading company, to 45 months behind bars in a hefty fraud case. The 71-year-old woman, a former director of the Lucerne-based trading company Fera, was accused of obtaining loans from banks by producing fictitious… Read More
24th August 2021
A Swiss appeals court has rejected a banker’s bid to lift his three-year regulatory ban from working in the industry over failures to properly fight money-laundering linked to scandal-hit Malaysian sovereign wealth fund 1MDB. In a ruling released on Monday, the Federal Administrative Court turned down the appeal by the… Read More
24th August 2021
The son of Mozambique’s ex-president and 18 others have gone on trial over the $2bn (£1.5bn) “tuna bonds” affair. Ndambi Guebuza, son of former President Armando Guebuza, and the others face charges of blackmail, embezzlement and money laundering. They have not yet commented on the charges. Mozambique’s biggest corruption scandal… Read More
20th August 2021
The speed with which the Taliban seized control of much of Afghanistan last week took the U.S. military and intelligence apparatus by surprise, and handed the White House the difficult job of rapidly recalibrating their approach to the Islamist militia and its finances. Global financial institutions already anticipate that the… Read More
12th August 2021
In an agreement to get released from a Miami federal lockup, a Venezuelan businessman accused of stealing a fortune from foreign government contracts must secure a $50 million bond with luxury properties in South Florida and a vast sum of money from his Swiss bank account. Naman Wakil, who was… Read More
9th August 2021
Mexico’s government is investigating the world’s largest independent energy trader Vitol over “irregularities” in the documenting of its refined oil products entering Mexico that could lead to criminal charges for tax evasion, the country’s tax chief told Reuters. The probe of Vitol is part of a drive to investigate alleged… Read More
8th August 2021
The U.S. Department of Justice (DOJ) has repatriated $452 million in misappropriated funds from 1Malaysia Development Bhd (1MDB), it said in a statement on Thursday, bringing the total amount recovered from the corruption scandal to $1.2 billion. The funds, which were repatriated to Malaysia, had been laundered through major financial… Read More
6th August 2021
A haven of banking secrecy for decades, Switzerland has now become a land of raw materials trading. Most of the private hydrocarbon trading giants have set up their headquarters in Geneva. Alongside them are the thousands of small and medium-sized companies in the sector that work more or less in… Read More
4th August 2021
For the past decade, wealthy Venezuelan Naman Wakil has traveled the globe for business deals while living with his family in a $3.5 million Coconut Grove condominium overlooking Biscayne Bay. On Tuesday morning, federal agents arrested Wakil in a vast money laundering conspiracy case accusing him of making an illicit… Read More