Tags: EU | Switzerland | Gazprombank | Money Laundering

Swiss Sanction Gazprombank in Wake of Panama Papers Leak

Thursday, 01 February 2018 09:38 AM

GENEVA (AP) — Switzerland's market regulator says it has banned the national affiliate of Russia's Gazprombank from taking new private clients over money laundering concerns over a 10-year period that emerged from the Panama Papers leak.

The move marks the first time that Swiss markets authority FINMA has specifically identified any company for wrongdoing following the leak that exposed international tax avoidance worldwide, including by members of Russian President Vladimir Putin's inner circle.

FINMA said Thursday it turned up "serious shortcomings in anti-money laundering processes" with regard to private clients at Gazprombank Switzerland.

It said the bank failed to carry out "adequate economic background clarifications into business relationships and transactions with increased money laundering risks."

FINMA said it investigated 30 banks after the Panama Papers revelations. Gazprombank was the only one it sanctioned.

© Copyright 2019 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

   
1Like our page
2Share
GlobalTalk
Switzerland's market regulator says it has banned the national affiliate of Russia's Gazprombank from taking new private clients over money laundering concerns over a 10-year period that emerged from the Panama Papers leak.The move marks the first time that Swiss markets...
EU,Switzerland,Gazprombank,Money Laundering
132
2018-38-01
Thursday, 01 February 2018 09:38 AM
Newsmax Media, Inc.
 
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
© Newsmax Media, Inc.
All Rights Reserved