SwissInfo reports this morning that:
Swiss banks have been ordered to freeze hundreds of millions of francs in assets linked to an alleged Uzbekistan money laundering scam that has also seen two Uzbek nationals detained in Geneva.
The magnitude of the Swiss probe is only just becoming clear and details remain hazy. Media reports indicate that vast amounts of money have being fraudulently siphoned from a Russian-owned Uzbek telecommunications firm.
The Swiss Federal Prosecutor's Office issued arrest warrants for four Uzbek nationals after being tipped off by Bank Vontobel about suspicious accounts in July. Two suspects were arrested in Geneva on July 30.
Let's not get carried away with what the Swiss will claim - whoch is that they've now done the right thing.
Let's ask how their banks managed to get this money got to Switzerland in the first place, shall we?
One has to ask if the Swiss banks could spot potentially money laundered funds even if it was written all over any cheque they got a commission for clearing.
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It is not just Swiss banks that are up to their necks in money laundering …
They are all at, particularly in jurisdictions where there is little regulation and the banks are allowed free reign to “process” £billions obtained via crimes of every description.
The banks have now become dependent on this revenue to stay in business.