Archive for February, 2019

UBS fined for money laundering

Friday, February 22nd, 2019

Swiss bank UBS has been fined EUR 3.7 billion in a French court over money laundering offences.

The court decision was due on whether the Swiss bank helped French clients evade taxes between 2004 and 2012 and launder the proceeds. The court has been found the Swiss bank criminally responsible for money laundering.

“UBS strongly disagrees with the verdict. The bank has consistently contested any criminal wrongdoing in this case throughout the investigation and during the trial. The conviction is not supported by any concrete evidence, but instead is based on the unfounded allegations of former employees who were not even heard at the trial,” the bank said.

Shares in the Swiss bank are down almost 3%.

Huawei accused of 23 Crimes including Money Laundering

Saturday, February 2nd, 2019

According to the FBI, the world’s largest telecommunications equipment manufacturer Huawei paid employees bonuses for stolen information.

The US Justice Department has charged China’s Huawei with 23 crimes, including conspiracy to commit money laundering, theft of trade secrets and obstruction of justice.

In two indictments, the Justice Department said that Huawei and its CFO Meng Wanzhou had conspired to violate sanctions on Iran via a subsidiary. Also, the company was charged with stealing technology from T-Mobile.

As part of its investigation, FBI obtained emails dated July 2013 where company offered bonuses to employees based on the value of information they stole from other companies around the world, and could provide to Huawei via encrypted email.

FBI Director Chris Wray said: “Today should serve as a warning that we will not tolerate businesses that violate our laws, obstruct justice, or jeopardize national and economic well-being.”

 

Huawei denies that having committed any of the asserted violations.