UBS, Credit Suisse and Aig Bankers arrested in brazil

Risk staff
01 Dec 2007

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Regulation

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.

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