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Investigator’s Guide to Switzerland

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The Investigator’s Guide to Switzerland

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.

Other Highlights

Pressure on compliance staff behind uptick in Swiss money laundering reports

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 avoids monitor in tax evasion DPA

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.

Glencore investors sue over investigations related share price drop

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.

Gunvor to pay $94 million over Africa bribery allegations

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.

Gold trade compliance standards are weak, says Mark Pieth

Mark Pieth has called for greater regulation of the gold mining industry, which he argues is plagued by lax compliance and ethics standards.

Geneva given green light to share data with Italian OPL245 prosecutors

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.

Steinmetz to fight Swiss corruption charges

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.

Swiss bank settles with DOJ over concealed US bank accounts

US authorities have agreed a $10.6 million NPA with a Swiss bank that helped US clients evade taxes.

Swiss Supreme Court allows tax authorities to share UBS client data with France

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 Switzerland pays €300 million to settle Belgian tax fraud case

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.