Capital Markets

Mnuchin expected to be Trump’s Treasury secretary

Donald Trump has chosen Steven Mnuchin as his Treasury secretary, US media outlets reported on Tuesday, positioning the former Goldman Sachs banker to be the latest Wall Street veteran to receive a top administration post. Mr Mnuchin chairs both Dune Capital Management and Dune Entertainment Partners and has been a longtime business associate of Mr […]

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Financial system more vulnerable after Trump victory, says BoE

The US election outcome has “reinforced existing vulnerabilities” in the financial system, the Bank of England has warned, adding that the outlook for financial stability in the UK remains challenging. The BoE said on Wednesday that vulnerabilities that were already considered “elevated” have worsened since its last report on financial stability in July, in the […]

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Zoopla wins back customers from online property rival

Zoopla chief executive Alex Chesterman has branded rival OnTheMarket “a failed experiment”, and said that his property site was winning back customers at a record rate. OnTheMarket was set up last year, aiming to compete with Zoopla and Rightmove, the UK’s two biggest property portals. It allowed estate agents to list their properties more cheaply […]

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Hard-hit online lender CAN Capital makes executive changes

The biggest online lender to small businesses in the US has pulled down the shutters and put its top managers on a leave of absence, in the latest blow to an industry grappling with mounting fears over credit quality. Atlanta-based CAN Capital said on Tuesday that it had replaced a trio of senior executives, after […]

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BoE stress tests: all you need to know

The Bank of England has released the results of its latest round of its annual banking stress tests and its semi-annual financial stability report this morning. Used to measure the resilience of a bank’s balance sheet in adverse scenarios, the stress tests measured the impact of a severe slowdown in Chinese growth, a global recession […]

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Categorized | Financial

Swiss launch UBS money-laundering probe

Posted on August 31, 2012

Switzerland’s attorney general has opened a criminal investigation into UBS, following a complaint that a Malaysian politician had used accounts at the Swiss bank to launder money.

The Bruno Manser Fund, a Basel-based environmental group which campaigns to protect the world’s rainforests, has complained over alleged laundering of proceeds from corrupt timber logging operations in Borneo through a number of UBS bank accounts in Hong Kong. It raised concerns over UBS’s due diligence procedures.

    The Swiss attorney general’s office confirmed that an investigation had been opened on August 29 in connection with anti-money-laundering provisions in Switzerland’s penal code but declined to comment further, citing the continuing investigations.

    Under Swiss law, it is possible for a company to be held responsible for crimes committed in the course of its business activites, if the company’s lack of organisation means that the offences cannot be attributed to any particular individual.

    UBS said in a statement that would co-operate fully with the Swiss authorities and that it applied “the highest standards worldwide in the fight against money laundering and corruption”, noting that it is obliged to report the discovery of criminal proceeds and suspicious activities to anti-money laundering authorities.

    “In this matter, UBS has complied with these obligations already several years ago in several countries, prior to the commencement of various investigations. Ever since, UBS has been fully co-operating in a number of investigations relating to this matter. We understand that UBS itself has not been the subject of such investigations,” the bank said.

    Shares in UBS closed up 1.23 per cent at SFr10.68 in Zürich.