Swiss Banking's Hot Spots in 2018
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4. Dirty Money
Switzerland ended the year on an OECD (Organization for Economic Cooperation and Development) gray list as a tax haven. The singling-out fits with a pattern of money-laundering and graft scandals ranging from Malaysia to Uzbekistan to Brazil. In the Petrobras scandal alone, Switzerland's prosecutor blocked accounts with 40 (!) Swiss banks. The prosecutor and Swiss bank regulator Finma continue investigate the billion-dollar corruption scandal around 1MDB, a Malaysian sovereign wealth fund.
This year will bring more headlines: Credit Suisse's Mozambique woes are of interest to both U.S. and Swiss officials, while UBS is hoping to settle a French tax evasion probe which could cost it billions.
