A tiny Ticino-based lender is the latest Swiss bank to pop up in the trillion-dollar PDVSA graft scandal.
Switzerland’s financial regulator is investigating Banca Credinvest over potential involvement with corruption at PDVSDA, it said in an emailed statement on Thursday. The Finma probe was first reported by «infodio,» a website devoted to graft at Venezuela’s state-controlled oil and gas firm.
«Finma led or is leading various enforcement proceedings, especially over specific indications that money laundering rules were violated in connection with South American business,» the Bern-based regulator said. «In some of these cases including that of Banca Credinvest, Finma is also investigating behavior in connection PDVSA,» it said.
PDVSA represents the largest money laundering scandal to hit Switzerland in decades: «infodio» calculates that $1.5 trillion disappeared from the oil company’s coffers between 2002 and 2014.
«Affected By Finma»
Banca Credinvest, a Lugano-based private bank and investment house, didn't respond to a request for comment. In its annual report last year, the bank said it had been «affected by a procedure initiated by Finma aimed at verifying the correct implementation of the controls in the management of highrisk (sic) relationships,» without disclosing specifics.
«The activity has been carried out at the bank’s offices and has been having a significant impact on the overall costs for the year and the ability to promote new initiatives,» Credinvest said. With just $2.31 billion in assets, it is a minnow: larger rivals Credit Suisse, two years ago, and Julius Baer in February have been sanctioned heavily for their PDVSA dealings.
