UBS, Credit Suisse and Aig Bankers arrested in brazil
LOSSES & LAWSUITS
ZURICH – UBS, Credit Suisse and American International Group (AIG) employees have been arrested in Brazil as part of an investigation into money laundering, tax evasion and illegal transfers of money overseas.
UBS confirmed that an employee in its wealth management division was among the 20 people arrested by the Brazilian federal police, with another employee from Clariden Leu, Credit Suisse's private banking operator, also put in custody.
Police are investigating whether some large Brazilian companies have avoided taxes by laundering money through the US insurance group and the Swiss banks.
Brazilian police say they have recovered at least $4 million in US and Brazilian currency after raids carried out at 44 locations across Brazil. The seizures mark increased attempts by Brazilian law enforcement to combat white collar crime and growing international collaborative efforts.
UBS has said it is investigating the affair, and revealed that a Swiss-based employee had also been arrested in connection with the Brazilian investigation.
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact [email protected] or view our subscription options here: http://subscriptions.risk.net/subscribe
You are currently unable to print this content. Please contact [email protected] to find out more.
You are currently unable to copy this content. Please contact [email protected] to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email [email protected]
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email [email protected]
More on Regulation
Derivatives
An approximate solution for options market-making
An algorithm for the market-making of options on different underlyings is proposed
Receive this by email