Adani Group, the Indian company that has caused a furore over plans to lease Kenya’s main airport, is in the news after $310 million was frozen in Switzerland over money laundering allegations. Newly released court documents show that a man who had dealings with five Swiss banks is being investigated by the Swiss Attorney General....
Tag: money laundering
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Swiss authorities freeze $310 mn allegedly linked to front man of Adani group; Adani Group rejects allegations
New Delhi, Swiss authorities have frozen more than USD 310 million in funds across multiple Swiss bank accounts as part of money laundering allegations into Adani Group, US-based short seller Hindenburg Research claimed citing media report – a charge that the conglomerate vehemently denied. Swiss authorities freeze $310 mn allegedly linked to front man of...
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Swiss watchdog scrutinises UBS vetting of wealthy Credit Suisse clients, sources say
Switzerland’s financial supervisor has been scrutinising how UBS vets risky wealthy clients that it wants to transfer from Credit Suisse, sources said, as the regulator takes a hands-on approach to the bank’s integration of its fallen rival. Earlier this year, watchdog FINMA reviewed the filters UBS, currently worth $105 billion on the market, applies to...
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Swiss Regulator Says HSBC Violated Money Laundering Regulations
Swiss financial market supervisory authority FINMA has ruled that HSBC Private Bank (Suisse) SA violated money laundering regulations. This ruling followed enforcement proceedings opened by FINMA in December 2021 and focused on the financial institution’s banking relationships with two unnamed politically exposed persons, FINMA said in a Tuesday (June 18) press release. “HSBC Private Bank...
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Panama Papers: From Singapore to Switzerland, which are the top tax havens?
The Panama Papers are back in the news after the public portion of a trial involving more than two dozen associates accused of helping some of the world’s richest people hide their wealth came to an unexpectedly speedy conclusion on Friday. The trial came eight years after 11 million leaked secret financial documents...