BSI – Dealing With Swiss Money Laundering Miscreants

BSI – Dealing With Swiss Money Laundering Miscreants by Matthew Allen – SwissInfo.ch

On Wednesday, the Swiss financial regulator effectively ordered the liquidation of Lugano-based BSI private bank following “serious breaches of money laundering regulation”. This is by far the most radical action taken thus far by the authorities.

BSI – The crackdown

BSI is being taken over by the EFG group, at which point it will cease to exist. The bank, and some of its executives, are also under investigation by the Swiss attorney general for alleged corruption regarding the 1MDB Malaysian sovereign wealth fund and the Brazilian Petrobras scandal.

The Swiss Financial Market Supervisory Authority (FINMA) is also investigating six other banks in connection with similar money laundering allegations.

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