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myth2988 t1_ja58oon wrote

Ahh Swiss banks and embezzled money name a better combo

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BezugssystemCH1903 OP t1_ja54r3m wrote

A large share of the $300-500 million that the governor of the central bank of Lebanon is accused of having embezzled ended up on the accounts of 12 Swiss banks, the SonntagsZeitung newspaper reported on Sunday.

These revelations come just three days after Lebanese authorities long-time central bank governor (head of the Banque du Liban (BDL) since 1993) Riad Salameh, his brother Raja and one of his assistants with money laundering, embezzlement and illicit enrichment after months of delay in a high-profile case.

The charges are the product of an 18-month probe by Lebanon into whether Salameh and his brother Raja embezzled millions of dollars from the central bank between 2002 and 2015. Judicial authorities in at least five European countries are investigating the Salameh brothers over the same allegations.

The brothers have denied the charges. The governor has dismissed accusations of illicit enrichment as part of an effort to scapegoat him for Lebanon's financial collapse, which brought new scrutiny of his three decades as governor.

According to SonntagsZeitung, $250 million were deposited in Raja Salameh's personal account at the HSBC branch in Geneva. Other sums were deposited at UBS, Credit Suisse, Julius Baer, EFG and Pictet, the Swiss paper said. It claims the transactions were carried out through an offshore company registered in the British Virgin Islands, named Forry Associates and created in 2001. "Considerable sums" were then purportedly transferred to buy real estate in several European countries.

The Office of the Attorney General of Switzerland initiated criminal proceedings for serious suspicion of money laundering in October 2020 and the procedure is still ongoing. According to SonntagsZeitung, millions of dollars in funds have already been frozen, but the federal prosecutor's office does not provide a figure.

The Swiss Financial Market Supervisory Authority (Finma) has also been conducting preliminary investigations into 12 Swiss banks "for months”, the paper said. A spokesperson confirmed to the SonntagsZeitung that proceedings have been initiated against two financial institutions in the "Lebanese context”. The names of the banks have not been made public.

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ffsudjat t1_ja5rycc wrote

Wow, it surprises ... no one.

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autotldr t1_ja54yni wrote

This is the best tl;dr I could make, original reduced by 82%. (I'm a bot)

> A large share of the $300-500 million that the governor of the central bank of Lebanon is accused of having embezzled ended up on the accounts of 12 Swiss banks, the SonntagsZeitung newspaper reported on Sunday.

> The charges are the product of an 18-month probe by Lebanon into whether Salameh and his brother Raja embezzled millions of dollars from the central bank between 2002 and 2015.

> The Swiss Financial Market Supervisory Authority has also been conducting preliminary investigations into 12 Swiss banks "For months", the paper said.

Extended Summary | FAQ | Feedback | Top keywords: bank^#1 Swiss^#2 million^#3 central^#4 Lebanon^#5

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