Money laundering

Former BSI manager arrested in Brazil for laundering bribe case

Federal prosecutors on Tuesday charged a Spanish-Swiss banker with laundering $21.7 million in graft money for Brazilian clients involved in the country’s largest corruption scandal, including jailed former lower house speaker Eduardo Cunha, Reuters reported.

The former relationship manager of Zurich-based BSI bank, was arrested at Sao Paulo’s Guarulhos airport as he got off a flight from Switzerland on Nov. 27 and is being held in Curitiba, the centre of the so-called Car Wash investigation.

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Money laundering: Britain to set up a national economic crime centre

Britain said on Monday it would create a new national economic crime center to crack down harder on money laundering by drug dealers and people traffickers who are expected to net 90 billion pounds ($120.3 billion) this year, home secretary Amber Rudd said. Rudd announced plans for a national economic crime centre that will sit within the National Crime Agency (NCA) and will be backed by greater intelligence and analytical capabilities.

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Switzerland to return $321 million in stolen funds to Nigeria

Following a deal signed between the Swiss government and the World Bank, Switzerland is to return approximately $321 million in seized assets to Nigeria, Reuters reported on Tuesday.

The money was taken from the family of former Nigerian military ruler Sani Abacha who was accused by corruption watchdog Transparency International of stealing up to $5 billion in public funds during his five years in power in the oil-rich country from 1993 until his death in 1998.

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