Weekly Roundup: U.S. Ambassador See No Imminent Cases Against Swiss Banks, Russia Strengthens AML Laws, and More

Swiss bankers may be breathing easier after comments from a U.S. ambassador suggested that the United States has no immediate plans to launch new investigations of their institutions for tax evasion. The remarks by Donald Beyer were reported Saturday by Reuters and follow the U.S. Justice Department's $780 million settlement with UBS AG in February 2009. Speaking to the news agency, Beyer said that "the American government appreciates the good faith which Switzerland has shown" during the ratification of an accord on July 8 that allowed UBS to turn over data on 4,450 U.S. clients suspected of hiding assets from...