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Rise In Swiss Laundering Reports Linked To Virus Relief
Law360, London (May 20, 2021, 6:19 PM BST) An increase in the number of transactions in Switzerland that authorities suspect involve financial crimes has been linked to COVID-19 relief programs, according to the unit that analyses money laundering data submitted by businesses.
Of the 5,334 suspicious activity reports received by the Money Laundering Reporting Office Switzerland last year, more than 1,000 concerned suspicions of fraud involving government-backed loans that were issued by financial institutions, the unit said in its annual report published on Tuesday. These [reports] led to more than 800 notifications to the prosecution authorities, with hundreds of criminal investigations having since been opened, the report said. It noted that 58%.
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Swiss officials have discovered CHF9 billion ($10billion) in embezzled Venezuelan public funds spread across hundreds of bank accounts. One in eight Swiss banks is caught up in this latest scandal, which some experts say shows up the failure of the anti-money-laundering mechanism put in place by Switzerland.
This content was published on February 5, 2021 - 11:00
February 5, 2021 - 11:00
Katy Romy
Journalist based in Bern. I am particularly interested in topics about society, politics and social media. Previously I worked in regional media, for the newspaper Journal du Jura and Radio Jura bernois.
Bulgarian criminal organisation: indictment filed against organisation members and Credit Suisse Office of the Attorney General of Switzerland Bern, 17.12.2020 - Following an extensive investigation into the activities in Switzerland of a major Bulgarian criminal organisation involved on a grand scale in the international trafficking of narcotics and in laundering the proceeds of these activities, the Office of the Attorney General of Switzerland (OAG) has filed its indictment in the Federal Criminal Court (FCC). Also indicted is the bank Credit Suisse AG. It is accused of failing to take all the organisational measures that were reasonable and required to prevent the laundering of assets belonging to and under the control of the criminal organisation. A former manager at the bank and two members of the criminal organisation have also been indicted before the FCC.