Page 10 - Mark Pieth News Today

Banking secrecy remains a business model for Swiss banks Swiss banks continue to accept dirty money, mainly from the worlds poorest countries. 123rf Swiss officials have discovered CHF9 billion ($10billion) in embezzled Venezuelan public funds spread across hundreds of bank accounts. One in eight Swiss banks is caught up in this latest scandal, which some experts say shows up the failure of the anti-money-laundering mechanism put in place by Switzerland. This content was published on February 5...

How a mining corruption trial could be a turning point for dodgy offshore companies A Geneva court handed Franco-Israeli billionaire Beny Steinmetz a five-year sentence and a CHF50 million (almost $56.5 million) fine over suspected corrupt business practices in Guinea. Stefan Wermuth/AFP More than seven years after his former Geneva home was searched, Franco-Israeli businessman Beny Steinmetz was sentenced last Friday to a five-year prison term on charges of corruption and document forgery in a...

How a mining corruption trial could be a turning point for dodgy offshore companies A Geneva court handed Franco-Israeli billionaire Beny Steinmetz a five-year sentence and a CHF50 million (almost $56.5 million) fine over suspected corrupt business practices in Guinea. Stefan Wermuth/AFP More than seven years after his former Geneva home was searched, Franco-Israeli businessman Beny Steinmetz was sentenced last Friday to a five-year prison term on charges of corruption and document forgery in a...

I N 2014 SWITZERLAND’S then attorney-general and two colleagues posed for a photo with several other people on a boat on Lake Baikal in Siberia. The picture shows the men relaxing together on the deck. But their host was no ordinary sailor. He was one of Russia’s top prosecutors, later implicated in efforts to stymie a major international money-laundering case that his very guests were investigating. Listen to this story Enjoy more audio and podcasts oniOSorAndroid. The story behind the pho...