UBS Loses Appeal to Suspend Court Case on Drug Trafficking & Money Laundering Between Credit Suisse & Bulgarian Mafia, Federal Criminal Court Fined Credit Suisse CHF 2 Million in 2022 for Failure to Manage Client Relationships with Criminal Organization & Money Laundering Regulations
5th October 2024 | Hong Kong
UBS has lost the appeal to suspend a court case on drug trafficking & money laundering between Credit Suisse & Bulgarian mafia. In 2022, the Switzerland Federal Criminal Court had fined Credit Suisse CHF 2 million for failure to manage client relationships with criminal organization & money laundering regulations. In 2024 May, the Switzerland Finance Ministry 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).
“ UBS Loses Appeal to Suspend Court Case on Drug Trafficking & Money Laundering Between Credit Suisse & Bulgarian Mafia, Federal Criminal Court Fined Credit Suisse CHF 2 Million in 2022 for Failure to Manage Client Relationships with Criminal Organization & Money Laundering Regulations “
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 – 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).
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).
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