Four Swiss banks flout anti-laundering rules

AFP - [email protected] • 10 Nov, 2011 Updated Thu 10 Nov 2011 12:26 CEST

Four Swiss banks flouted money laundering regulations in the way they dealt with banned Tunisian, Egyptian and Libyan assets, Switzerland's financial regulator FINMA said on Thursday.

"In four cases FINMA will open enforcement proceedings," said the regulator after an audit of the way 20 banks dealt with Swiss orders to freeze assets held by dictators and their relations in the three countries.

The regulator did not name the four banks in question but said there was "inadequate" enforcement of anti-money laundering rules.



AFP 2011/11/10 12:26

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