Switzerland Investigating Venezuela-Linked Corruption

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Switzerland’s attorney general has opened an investigation into a corruption case involving Venezuela, according to a weekend report published by Schweiz am Wochenende. The Latin American nation is in the grips of a major political, economic and social crisis.

According to the prosecutor’s statement to the weekly, proceedings were initiated at the end of 2017 against unknown persons “in the context of the events in Venezuela”. The offense is money laundering.

UBS, contacted by Swiss financial news agency AWP, has indicated that it is not aware of the case. Requests for comment from Credit Suisse and Julius Bär have gone unanswered.

The Swiss Financial Market Supervisory Authority (FINMA) is also reported to be taking action.

Last October, a former employee of Swiss multinational private bank Julius Baer was sentenced to ten years behind bars in the United States for money laundering.

Read the original article here: swissinfo.ch


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