Switzerland is one of the countries in Europe that is officially known as the Swiss Confederation. The capital Zürich is the center of attraction for tourists. You might be dreaming of the Swiss mountainous range too. Travelers might make Switzerland their vacation destiny. Anyways the country has a separate fan base due to its territory. We are here to talk about corruption especially that is done in the bank, with banks, and by banks. What is interesting that Switzerland has corrupt banks and still the economy is
progressing and it is strong in any way than many other countries. We often hear Swiss bank accounts on television because of black money, dirty money, and money laundering cases. Banks in this country are involved in money laundering cases. Corruption happens by illegal actions and that might create trouble for people living all around the globe. In this article top ten corrupt banks of Switzerland are mentioned, scroll down and this article definitely deserves your attention.
1- Julius Baer Bank Switzerland
Julius Baer Bank is one of the oldest financial institutions in Switzerland that is located in Zürich. It is a medium-sized private bank founded by Julius Baer. It has another name as Julius Baer Group Ltd. The Financial Market Authority of Switzerland has put a ban on this bank after 9 years of spam for not taking any legally strict actions against money laundering cases. In 2014 a transaction of 71 million dollars was performed by the Venezuelan client. The bank was already acknowledged with the corruption of the
client. This bank is one of the largest Swiss private banks that have failed to gather appropriate data from the customers.
2- Union Bank of Switzerland
UBS Group AG is abbreviated as UBS. This bank is located in Basel and Zürich. It has its presence over the financial centers as the largest banking institution all around the world. This bank is a multinational investment bank. This bank is found to be involved in corruption. A Paris court has fined this UBS bank about 3.7 billion Euros in 2019. The case did not end here, along with this huge amount; the court has ordered 800 million Euros from UBS in favor of French clients for compensation in regard to tax fraud and money laundering.
3- PKB Privatbank Switzerland
It is one of the private located in Lugano Switzerland. One of the employees of this bank was found guilty for transferring funds. He was also involved in the management of bank accounts for the Odebrecht group. One report has revealed that the bank was a participant of Petrobras as well as the Odebrecht Brazilian corruption scandal. This bank was given the notice to pay an amount of 1.3 million Swiss francs that were obtained by money laundering.
4- Credit Suisse Bank Switzerland
Credit Suisse AG is located in Münsingen Switzerland. This bank is famous for asset management, investment and is leading a private financial institution of Switzerland. This bank was found to be involved in the corruption scandal all over FIFA. In another case of corruption, the bank is fined an amount of 77 million dollars. This bank was also found in a money laundering case of almost 2 billion dollars.
5- Raiffeisen Bank Switzerland
It has the most branches in Switzerland with headquarter located in St. Gallen. It is a leading retail bank in Switzerland. Financial Market Authority has suspected this bank for breaches. The former CEO of this bank was involved in corporate fraud.
6- Coutts Private Bank Switzerland
This bank ranks at number 7 for being the oldest financial institution in the world. It is a private bank. The two employees of the bank were involved in the wealth fund 1MDB scandal. They were fined for not reporting transactions associated with this fund. The bank was fined 8.75 million pounds for not controlling money laundering cases.
7- Falcon Private bank Switzerland
This bank is likely to lose its licensee as a private banking institution. This bank was found to be part of the wealth fund 1MDB scandal. In 2016 this bank violated the rules concerning money laundering and did not put a check on transactions related to 1MDB sovereign fund.
8- BSI Bank Switzerland
This bank was the oldest private financial institutions in Switzerland. This bank was sanctioned for its connection with Malaysian’s 1MDB fund. This bank along with others such as Falcon, Coutts was found to be involved in the corruption of the 1MDB wealth fund.
9-Zurcher Kantonal Bank Switzerland
This bank is the fourth-largest bank in Switzerland located in Zurich. This bank has been fined for an amount of 98.5 million dollars as a settlement of 7 years of investigation. This amount was charged by US tax authorities.
10- Lombard Odier Switzerland
This is another private bank with specialties in investment and wealth management. This bank is found to be involved in the Uzbek money laundering case.
Corruption is a fraudulent act. There are various types of corruption. People in power are perpetrated by corruption. Power plays a significant role in corrupt action because that’s how you can do illegal acts especially money laundering from one place to another. The whole system is involved in corruption. We are talking about bank corruption, not only chairman of the bank, but also customers are corrupt too.
Some businessmen are involved in corruption. For once you think that after all that money do they really need to be corrupt? But guess what they have this money obtained through illegal activities so how they can leave the profession behind.
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