Switzerland Finance Ministry Fines UBS $55,000 for Failure to Report $10 Million Money Laundering Red Flags of ex-President of Yemen Ali Abdullah Saleh in 2009, Triggered UBS Internal Alerts & Required to Report to Money Laundering Reporting Office Switzerland, But UBS Employees Created Only a Note Internally of Common Knowledge Wealthy Rulers in The Arab World Support Their Poorer Colleagues With Such Gifts, Proceedings Against UBS Started in 2021
31st May 2024 | Hong Kong
The Switzerland Finance Ministry has fined UBS $55,000 (CHF 50,000) for failure to report $10 million money laundering red flags of ex-President of Yemen Ali Abdullah Saleh (His son handed a $10 million cheque to UBS Zurich in 2009), which triggered UBS internal alerts that is required to report to the Money Laundering Reporting Office Switzerland. Instead, UBS employees created only a note internally of common knowledge wealthy rulers in the Arab world support their poorer colleagues with such gifts. In 2011, a review of Ali Abdullah Saleh UBS account including 25 related people, resulted in 5,438 warning notices and closure of most of the accounts. No report was made to the Money Laundering Reporting Office Switzerland. The proceedings by Switzerland Finance Ministry against UBS started in 2021. In 2023, UBS court appeal of France money laundering fine of $1.94 billion (EUR 1.8 billion) started on 27th September 2023, with $862 million (EUR 800 million) already paid to France Finance Ministry (Ministry of Economy & Finance). UBS had been found guilty for helping wealthy French clients to open Switzerland private bank accounts to evade (avoid) paying tax. In 2019, UBS was found guilty of aiding money laundering and fined $5.1 billion (EUR 4.5 billion. In the 2021 appeal, UBS was found guilty of aiding money laundering and a reduced fine of $1.94 billion (EUR 1.8 billion).
“ Switzerland Finance Ministry Fines UBS $55,000 for Failure to Report $10 Million Money Laundering Red Flags of ex-President of Yemen Ali Abdullah Saleh in 2009, Triggered UBS Internal Alerts & Required to Report to Money Laundering Reporting Office Switzerland, But UBS Employees Created Only a Note Internally of Common Knowledge Wealthy Rulers in The Arab World Support Their Poorer Colleagues With Such Gifts, Proceedings Against UBS Started in 2021 “
UBS $1.94 Billion France Money Laundering Fine Court Appeal to Start on 27th September 2023, $862 million Already Paid to France Finance Ministry
9th June 2023 – UBS court appeal of France money laundering fine of $1.94 billion (EUR 1.8 billion) will start on 27th September 2023, with $862 million (EUR 800 million) already paid to France Finance Ministry (Ministry of Economy & Finance). UBS had been found guilty for helping wealthy French clients to open Switzerland private bank accounts to evade (avoid) paying tax. In 2019, UBS was found guilty of aiding money laundering and fined $5.1 billion (EUR 4.5 billion. In the 2021 appeal, UBS was found guilty of aiding money laundering and a reduced fine of $1.94 billion (EUR 1.8 billion).
Sign Up / Register
Caproasia Users
- Manage $20 million to $3 billion of assets
- Invest $3 million to $300 million
- Advise institutions, billionaires, UHNWs & HNWs
Caproasia Platforms | 11,000 Investors & Advisors
- Caproasia.com
- Caproasia Access
- Caproasia Events
- The Financial Centre | Find Services
- Membership
- Family Office Circle
- Professional Investor Circle
- Investor Relations Network
Monthly Roundtable & Networking
Family Office Programs
The 2024 Investment Day
- March 2024 - Hong Kong
- March 2024 - Singapore
- July 2024 - Hong Kong
- July 2024 - Singapore
- Sept 2024 - Hong Kong
- Sept 2024 - Singapore
- Oct 2024 - Hong Kong
- Nov 2024 - Singapore
- Visit: The Investment Day | Register: Click here
Caproasia Summits
- The Institutional Investor Summit
- The Investment / Alternatives Summit
- The Private Wealth Summit
- The Family Office Summit
- The CEO & Entrepreneur Summit
- The Capital Markets Summit
- The ESG / Sustainable Investment Summit
