A series of public graft scandals from Uzbekistan to Argentina are alike in having landed dozens of domestic officials, business executives and other suspects in jail in countries already perceived as vulnerable to grand corruption. They also share another feature common to many graft schemes: a Swiss private lender is at the center of each. Lombard Odier, one of the largest private banks in Europe, is under criminal investigation in Switzerland for anti-money laundering failures involving accounts allegedly used by the daughter of Uzbekistan's former president and her accomplices to launder roughly $700 million from a bogus telecom contract. The...
While U.S. officials periodically have announced plans to more frequently punish individual bankers, the practice has long been the norm in Switzerland, where the country's chief banking regulator can use a variety of mechanisms to pursue employment bans against individual bankers.
Financial institutions often enter into relationships with high-risk clients over the objections of their compliance officers, but don't always draw regulatory or legal scrutiny as a result. BankUnited has not been so lucky.
A Brazilian multinational firm and its petrochemical division will pay $3.5 billion to resolve U.S. and international charges that they bribed government officials around the world and arranged illicit payments to bankers to help facilitate the scheme.
To understand why Brazilian officials and state-run companies are embroiled in multiple large-scale criminal investigations, look first to the seemingly modest reforms in recent years of the country's anti-corruption controls, according to an assistant law professor at the University of Richmond.