A consortium of journalists reveals how frequently criminals opt for Switzerland when they need to rinse clean ill-gotten funds.
Credit Suisse, UBS, Vontobel, Raiffeisen, Pictet, Julius Baer, J. Safra Sarasin, and Zuercher Kantonalbank (ZKB) – these Swiss wealth managers are cited in an 18-month investigation by the International Consortium of Investigative Journalists, or ICIJ. The investigation is based on a data leak of suspicious activity reported to Fincen, the U.S. Financial Crimes Enforcement Network.
Published in cooperation with«Buzzfeed,» the research shows as much as $2 trillion of allegedly criminal money making its way into the legitimate financial system. U.S. and other officials have repeatedly fined and sanctioned international wealth managers for laundering money.
The report highlights five global banks in particular – J.P. Morgan, HSBC, Standard Chartered, Deutsche Bank, and Bank of New York Mellon. Swiss newswire «SDA» highlighted the eight Swiss wealth managers in the investigation: as many as 2,051 transactions worth $3.7 billion flowed into the alpine nation, while $4.2 billion left.
