{"id":6259,"date":"2020-10-07T05:20:46","date_gmt":"2020-10-07T05:20:46","guid":{"rendered":"https:\/\/diazreus.com\/swiss-bank-sanctioned-over-pdvsa\/"},"modified":"2021-01-13T19:37:38","modified_gmt":"2021-01-13T19:37:38","slug":"swiss-bank-sanctioned-over-pdvsa","status":"publish","type":"post","link":"https:\/\/diazreus.com\/es\/swiss-bank-sanctioned-over-pdvsa\/","title":{"rendered":"Swiss Bank Sanctioned Over PDVSA"},"content":{"rendered":"

Switzerland’s financial regulator said it is spending a lot of its time fighting money laundering in offshore banks. It sanctioned a third Swiss private bank for dealings with Venezuelan \u00abbolichicos\u00bb.<\/strong><\/p>\n

Finma is sanctioning\u00a0Banca Credinvest over dealings with Venezuelan clients, it said in a statement<\/a> on Tuesday. The\u00a0tiny Lugano-based private bank must cut all ties to Venezuela, and is banned from\u00a0accepting any new high-risk clients for three years, after an investigation into\u00a0alleged cases of PDVSA corruption.<\/p>\n

The case isn’t much different from hefty sanctions for Julius Baer <\/a>and, in 2018, on Credit Suisse<\/a> for their dealings in the graft scheme at Venezuela’s<\/a> state-controlled oil and gas company \u2013 except that the Bern-based regulator’s investigation brought a prominent Venezuelan,\u00a0Alejandro Betancourt<\/strong> (see below)<\/em>,\u00a0<\/strong>to light, as\u00a0finews.com\u00a0<\/em>reported on Friday<\/a>. Finma didn’t mention Betancourt, who remains a shareholder of less than five percent in Credinvest, in the sanction.<\/p>\n

\n

Rinsing A \u00abMajor Risk\u00bb<\/strong><\/p>\n

At Credinvest,\u00a0bankers failed to adequately identify clients or beneficial owners of funds to sufficiently monitor their transactions and were late in reporting wrong-doing to MROS, a special special crime unit, when they suspected it, Finma said. A spokesman for Credinvest acknowledged the sanction, and said\u00a0Finma’s measures requested will allow the bank to control risks better.<\/p>\n

Finma used the case to again highlight that its more than four-year campaign <\/a>against money laundering, after a swath of scandals at Swiss private banks. \u00abFinma continues to designate money laundering as a major risk to the Swiss financial services industry,\u00bb it said.\u00a0Last week, a former MROS crimefighter signaled that Swiss system is ill-equipped<\/a>\u00a0to deal with PDVSA and urged an upgrade.<\/p>\n

Hands Tied?<\/strong><\/p>\n

Besides Venezuela, Swiss banks including UBS and Credit Suisse have turned up in scandals at Petrobras, Odebrecht, 1MDB, FIFA and in the Panama Papers.\u00a0\u00abFinma has therefore focused its anti-money laundering supervisory activities on how institutions deal with such international money-laundering cases,\u00bb the regulator,\u00a0led by British-Swiss-UBS banker\u00a0Mark Branson,\u00a0<\/strong>said.<\/p>\n

Finma can’t actually do much more than it is: Swiss lawmakers have been reticent to sharpen anti-money laundering laws, as finews.com\u00a0<\/em>wrote in July<\/a>. Draft law to extend rules to the legal industry, which frequently works in lockstep with private banks on super-wealthy client business, was recently mothballed by Swiss parliament.<\/p>\n

Riches Vs Plunder<\/strong><\/p>\n

PDVSA represents a graft of epic proportions: roughly $1.5 trillion disappeared from the company’s coffers between 2002 and 2014, according to investigative website \u00abInfodio<\/a>,\u00bb which chronicles the Venezuelan corruption. Numerous trails lead to Switzerland’s and Liechtenstein’s offshore banks, as finews.com<\/em> reported last month<\/a>.<\/p>\n

The plunder is set against hyperinflation, shortages of food and medicine, and unemployment created by the government of current president Nicolas Maduro<\/strong>.\u00a0Swiss prosecutors have been stymied in their investigations<\/a> as Maduro clings to power, meaning Venezuela has no incentive to provide legal aid on the graft.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Switzerland’s financial regulator said it is spending a lot of its time fighting money laundering in offshore banks. It sanctioned a third Swiss private bank for dealings with Venezuelan \u00abbolichicos\u00bb.<\/p>\n","protected":false},"author":1,"featured_media":5580,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"rs_blank_template":"","rs_page_bg_color":"","slide_template_v7":"","inline_featured_image":false,"footnotes":""},"categories":[231],"tags":[],"class_list":["post-6259","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-articulos"],"acf":[],"yoast_head":"\nSwiss Bank Sanctioned Over PDVSA<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/diazreus.com\/es\/swiss-bank-sanctioned-over-pdvsa\/\" \/>\n<meta property=\"og:locale\" content=\"es_ES\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Swiss Bank Sanctioned Over PDVSA\" \/>\n<meta property=\"og:description\" content=\"Switzerland's financial regulator said it is spending a lot of its time fighting money laundering in offshore banks. 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