GIR looks at the intricacies of carrying out investigations in Switzerland as the country considers introducing deferred prosecution agreements to its enforcement arsenal and the Office of the Attorney General grapples with a scandal emanating from its Fifa investigation.
The Swiss finance ministry’s targeting of compliance staff at financial institutions caused the recent surge in the number of suspicious activity reports filed in Switzerland, lawyers say.
HSBC’s Swiss private banking arm has entered into $192 million deferred prosecution agreement after admitting to helping US citizens evade tax for a decade.
Investors in Anglo-Swiss commodities trader Glencore said they will sue the company over a drastic share price decline that has followed several enforcement investigations.
Swiss prosecutors have ordered the Geneva-based commodities trader to pay profit disgorgements and a fine to resolve allegations that company employees and agents paid bribes for oil shipments in two African countries.
Mark Pieth has called for greater regulation of the gold mining industry, which he argues is plagued by lax compliance and ethics standards.
Switzerland’s top court has ruled that Geneva prosecutors can share materials seized from a Nigerian middleman with Milan prosecutors investigating alleged corruption by oil companies Shell and Eni.
Lawyers say the Steinmetz case will be the Geneva prosecutor’s first international corruption investigation to reach trial stage after previous cases headed by the office resulted in pre-trial agreements.
US authorities have agreed a $10.6 million NPA with a Swiss bank that helped US clients evade taxes.
Switzerland’s highest court has ruled that the Federal Tax Administration can share the identities of customers of Swiss bank UBS with French authorities.
HSBC’s Swiss private banking unit has agreed to pay €300 million to settle a tax fraud case in Belgium five years after the company was placed under investigation.